Oil drops on Russian supply hopes
Oil prices fell today, Monday, amid expectations of increased Russian oil supplies, especially after an announcement of an agreement between Russia and Ukraine to cease mutual attacks on energy facilities. The United States also confirmed it would supply additional quantities of diesel. The price of Brent crude oil dropped to $103.36 per barrel, while West Texas Intermediate fell to $90.29. This decline comes alongside the availability of over 300,000 tons of additional Russian diesel supplies, and ongoing tensions in the Middle East, which support Brent prices and create uncertainty about the sustainability of the de-escalation.
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