Oil Prices Fall Amid Scepticism Over US Sanctions on Russian Oil Companies
Oil prices fell on Friday, October 24, due to scepticism about the Trump administration's commitment to sanctions on Russia's two biggest oil companies, Rosneft and Lukoil, over the war in Ukraine.
Brent crude futures settled $0.05 lower at $65.94 a barrel, while US crude futures finished at $61.50 a barrel, down $0.29. Despite this, both benchmarks ended the week over 7% higher, the biggest weekly rise since mid-June.
There is renewed scepticism these sanctions will be as harsh as they are said to be.
According to John Kilduff, partner with Again Capital LLC, this scepticism led to the decline in oil prices. US President Donald Trump imposed sanctions on Russia's oil companies to pressure Russian President Vladimir Putin to end the Ukraine war.
Author's summary: Oil prices fell due to scepticism over US sanctions.
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