By Sama Marwan,
Oil prices slightly declined today following expectations of a potential agreement between Russia and Ukraine, which could ease supply disruptions by lifting sanctions on Moscow. However, the losses were limited due to the postponement of U.S. retaliatory tariffs.
According to the Oman News Agency, Brent crude futures fell by 2 cents (0.03%), settling at $75 per barrel. Meanwhile, West Texas Intermediate (WTI) crude futures dropped 28 cents (0.39%), reaching $71.01 per barrel.
Despite the slight decline, Brent crude is on track for a weekly gain of around 0.5%, while WTI crude has risen by 0.01% this week.
In its latest oil market report, the International Energy Agency (IEA) stated that Russian oil exports may continue if alternative solutions are found to bypass the latest round of U.S. sanctions.
Additionally, former U.S. President Donald Trump has directed trade and economic officials to study the possibility of imposing tariffs on countries that levy duties on American goods. Their recommendations are expected to be submitted by April 1.
