Brent crude fell about 1.7 percent to near $108 a barrel on Monday, October 19, after President Donald Trump waived some sanctions on Russian energy and then said a final decision had not been made.
Oil prices dropped in Asian trading on Monday after President Trump’s decision to waive some sanctions on Russia, Reuters reported, though he later said no final decision had been made.
The Price Moves
Different outlets recorded slightly different levels at different times in Asian trading.
| Source | Brent crude | US crude (WTI) |
|---|---|---|
| Reuters (via InvestingLive.com) | $107.83, down 1.8% | $100.20, down 1.2% |
| ABC News Australia | $107.98, down 1.7% | $100.69, down 0.7% |
| InvestingLive | $107.84 | n/a |
What Changed
InvestingLive reported that Brent slipped after Trump signed an executive order waiving certain sanctions on Russian energy, and that the US was expected to receive more than 300,000 tonnes of Russian diesel. Saxo Markets noted that Brent had hit $110 a barrel for the first time since May before easing.
What Is Limiting the Fall
InvestingLive said the downside was limited by Houthi attacks on Saudi Arabia and by Iran’s conditions for reopening the Strait of Hormuz.
A Refiner’s View
ABC News Australia reported that Ampol’s refining margins at its Lytton refinery in Brisbane more than doubled to US$23.92 a barrel in the quarter, 125 percent higher than a year earlier, as oil slipped from about US$110 a barrel.
Why It Matters
The waiver, and the confusion over whether it will stand, shows how policy decisions on Russian supply are feeding into prices already elevated by Middle East tensions. Brent remains above $100.
