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Brent crude falls amid sanctions talks
On Thursday, Brent crude oil prices dropped by over 1%, reaching $104.91 per barrel, due to expectations that the United States will ease restrictions on Russian oil tankers to increase flexibility in diesel shipments and reduce global costs. Meanwhile, West Texas Intermediate (WTI) prices rose slightly by 0.3% to $95.40. U.S. crude oil inventories also saw a significant decline of 11.1 million barrels for the week ending October 9, exceeding expectations, amid growing geopolitical concerns over escalating conflicts in the Middle East and Ukraine. These developments come alongside Spain's plans to release 4.4 million barrels from its reserves and expectations of increased global cooperation to address oil supply shortages.
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