Oil Prices Decline in Global Market

The price of crude oil has begun to fall in the global market. US President Donald Trump has withdrawn several planned sanctions against Russia. Following this, a downward trend in oil prices was observed in Asian markets on Monday morning (October 19).

Al Jazeera reported this development.

According to the report, at the start of trading in Asian markets on Monday, the price of Brent crude—the international benchmark for oil—fell by more than 1.5 percent to $107.92 per barrel.

Previously, on Friday, President Trump signed an executive order cancelling several planned sanctions against Russia just days before they were set to take effect. These sanctions would have included tariffs on Russian goods and punitive measures related to the purchase of Russian oil and gas.

Meanwhile, rising tensions and security risks in the Middle East had sparked concerns regarding fuel supplies and the maritime transport of oil. As a result, the price of Brent crude had briefly reached $110 per barrel on Friday—its highest level since May of that year.

However, the decision to ease sanctions on Russia has helped alleviate some concerns regarding oil supply, leading to a decline in global oil prices.