Written by: Karim Hammam
Oil prices saw a decline during early trading in Asian markets, coinciding with expectations of an increase in Russian fuel supplies to global markets. This drop follows US President Donald Trump's decision to lift sanctions and tariffs that had been imposed on Russia, a move expected to have a direct impact on global energy supply levels.
Brent crude contracts decline
Brent crude futures recorded a decline of $1.06, equivalent to 0.96 percent, reaching $108.80 per barrel. This drop came after the crude ended last Friday's session at its highest level since May 19th, before prices shifted toward a decline as investors assessed the repercussions of the US decision on the volume of supplies.
Anticipating Russian export developments
Markets are closely monitoring the extent of the impact of easing restrictions on the volume of oil exports coming from Russia, as estimates suggest that an increase in supply may contribute to easing current pressures on prices. The anticipated price movement remains linked to developments in international supplies and policy decisions affecting energy trade, in addition to the stability of supply and demand.
