Oil dips from five-month peak
Oil prices declined yesterday, Monday, after reaching their highest levels in five months. Investors were reaping profits following U.S. President Donald Trump's decision to exempt Russia from major sanctions and tariffs, potentially boosting Russian fuel exports. Brent crude fell by $2.29, or 2.08%, climbing down to $107.57 per barrel, while U.S. West Texas Intermediate dropped by $1.95, or 1.92%, to $99.46. Both benchmarks had previously hit their highest prices since May and September, respectively. Trump's decision to exempt Russia from sanctions will be evaluated over the next 60 days in terms of its impact on the global economy. Meanwhile, analysts are keeping a close eye on the prospects of increased Russian fuel exports and the influence of tensions in the Strait of Hormuz on global oil supplies.
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