Oil Slips as Investors Eye Trump Move on Russian Export Curbs
Oil prices fell on Monday as expectations of U.S. President-elect Donald Trump relaxing curbs on Russia's energy sector in exchange for a deal to end the Ukraine war offset concern of supply disruption from harsher sanctions.
Brent crude futures dropped 16 cents, or 0.2%, to $80.63 a barrel by 0453 GMT after closing down 0.62% in the previous session.
The more active U.S. West Texas Intermediate crude April contract fell 6 cents to $77.33 a barrel. The front-month contract, which expires on Tuesday, was at $78.03 a barrel, up 15 cents, or 0.19%, after settling down 1.02% on Friday.
Trump, who will be inaugurated later on Monday, is widely expected to make a flurry of policy announcements in the first hours of his second term, including an end to a moratorium on U.S. liquefied natural gas export licences - part of a wider strategy to strengthen the economy.
Both contracts gained more than 1% last week in their fourth successive weekly ascent after the Biden administration sanctioned more than 100 tankers and two Russian oil producers. That led to a scramble by top buyers China and India for prompt oil cargo and a rush for ship supply as dealers of Russian and Iranian oil sought unsanctioned tankers to ferry their load.
Easing tension in the Middle East also kept a lid on oil prices.
Hamas and Israel exchanged hostages and prisoners on Sunday that marked the first day of a ceasefire after 15 months of war.
Source : Reuters
