World Oil Prices Drop After Trump Loosens Sanctions on Russia
World oil prices experienced a decline in trading on Monday after United States President Donald Trump took a policy of exempting Russia from various sanctions and certain tariffs in order to ease supply pressures.
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The price of Brent crude oil recorded a decline of US$ 1.43 to US$ 108.43 per barrel. This decline occurred after Brent reached its highest level since May at the close of trading on the previous Friday.
Meanwhile, West Texas Intermediate crude oil in the United States also weakened by 53 cents to US$ 100.88 per barrel. This easing policy has the potential to boost Russian fuel exports on the global market.
This executive policy is based on the Graham Act law which was only signed last month. President Donald Trump signed the measure at the urging of lawmakers to pressure Russia over the conflict in Ukraine.
Secretary of State Marco Rubio said the administration would take up to 60 days to assess the economic impact of the decision. On the other hand, Ukrainian President Volodymyr Zelenskyy believes that Washington's move will be detrimental to his country.