SINGAPORE: Global oil prices declined on Monday after US President Donald Trump eased some sanctions and tariffs on Russia, a move that could pave the way for increased Russian fuel exports and alter expectations for global oil supply.
Brent crude futures fell by $1.43, or 1.30%, to $108.43 a barrel by 2340 GMT on Monday. The benchmark had settled at its highest level since May 19 on Friday.
Meanwhile, US West Texas Intermediate (WTI) crude fell by 53 cents, or 0.52%, to $100.88 a barrel.
Oil prices had climbed sharply on Friday, with Brent crude briefly touching $110 a barrel for the first time since May. Rising tensions in the Middle East and security threats to commercial shipping heightened concerns over the safety of maritime routes and the possibility of tighter global energy supplies.
