Oil Prices Fall Amid Scepticism Over US Sanctions on Russian Oil Companies
Oil prices dropped on Friday, October 24, due to market scepticism about the Trump administration's commitment to imposing sanctions on Russia's largest oil companies, Rosneft and Lukoil, over the war in Ukraine.
Brent crude futures settled at $65.94 a barrel, down 0.1%, while US crude futures finished at $61.50 a barrel, down 0.5%.
There is renewed scepticism these sanctions will be as harsh as they are said to be
said John Kilduff, partner with Again Capital LLC. The sanctions aim to pressure Russian President Vladimir Putin to end the Ukraine war.
Despite the drop, oil prices ended the week over 7% higher, the biggest weekly rise since mid-June.
Author's summary: Oil prices fell due to scepticism over US sanctions.
- Brent crude futures: $65.94 a barrel, down 0.1%
- US crude futures: $61.50 a barrel, down 0.5%