Oil Drops After Trump Waives Russia Sanctions: Brent at $107.73
Brent fell 2.0% to $107.73 and West Texas Intermediate dropped 1.1% to $100.32 following Trump's decision to suspend many sanctions on Russia and delay tariffs on buyers of its oil.
Oil prices dropped following US President Trump's decision to suspend many of the sanctions imposed on Russia and delay tariffs that were planned on buyers of Russian oil.
Brent crude fell 2.0% to $107.73 a barrel, while West Texas Intermediate crude declined 1.1% to $100.32 as of 09:36 US Eastern Time.
The decision came a week after Trump signed a deal to import diesel from Russia, according to Investing.com. US Secretary of State Marco Rubio said the president will use a grace period of up to 60 days to evaluate the impact of sanctions and tariffs on the global economy, according to Reuters.
The decision faced criticism from Ukraine and some US lawmakers, at a time when the market is monitoring the impact of easing restrictions on the global oil market.
What do these terms mean?
Brent crude: A benchmark crude oil extracted from the North Sea and used as a reference for pricing a large portion of global oil.
West Texas Intermediate: A US benchmark crude traded on the New York Mercantile Exchange and used as a gauge for oil prices in the United States.
Sanctions: Economic restrictions imposed by one country on another country or entities within it to exert political or economic pressure.
Import tariffs: Taxes imposed by a country on goods coming from abroad, raising their cost for importers and consumers.
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