Oil drops as US weighs Russia sanctions
Brent crude prices declined by more than 1%, recording $104.91 per barrel, due to prospects that the United States may ease sanctions on Russian oil carriers. This move aims to increase the flexibility of diesel shipments and reduce global costs. Meanwhile, West Texas Intermediate (WTI) futures rose by 0.3% to reach $95.40, amid expectations of a significant drop in weekly inventories. These developments come amid escalating geopolitical tensions in the region and growing concerns over oil supplies, with Spain announcing the withdrawal of 4.4 million barrels from its reserves, in coordination with preparations for collective measures to address the global oil shortage. Additionally, U.S. oil inventories experienced a sharp decrease of 11.1 million barrels, surpassing expectations, according to reports from the Oil Institute, ahead of official data from the Energy Information Administration.
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