Oil prices slip after US waiver on Russia sanction...

Summary

• Oil prices eased on Monday as Donald Trump lifted sanctions and tariffs on Russia, a step that lifted hopes for more Russian fuel supply.
• Why oil prices fell after the waiverThe US president signed an order on Friday that suspends major sanctions and tariffs under the Graham Act.
• For now, oil prices depend on whether Russian supply grows and whether attacks on ships ease.

AI Generated Summary

Oil prices eased on Monday as Donald Trump lifted sanctions and tariffs on Russia, a step that lifted hopes for more Russian fuel supply.

Brent crude futures dropped by about 2 percent in early trade, to $107.92 a barrel. A day earlier, Brent had settled at its highest since May 19.

US West Texas Intermediate crude also lost ground, sliding to roughly $100 a barrel. Friday had brought its best close since September 17.

Why oil prices fell after the waiver

The US president signed an order on Friday that suspends major sanctions and tariffs under the Graham Act. Lawmakers had urged him to sign that law last month to lean on Moscow over Ukraine.

Secretary of State Marco Rubio said the president may use as many as 60 days to study how the measures affect the world economy.