New york: Oil prices edged lower on Wednesday, continuing a three-day decline, as concerns about the effectiveness of sanctions on Russia and the possibility of increased output from OPEC+ applied downward pressure on the market.
According to Qatar News Agency, Brent crude futures decreased by 7 cents, or 0.11%, reaching $64.33 per barrel. Similarly, US West Texas Intermediate (WTI) crude futures dropped by 7 cents, or 0.12%, falling to $60.08 per barrel.
The market had previously seen significant gains last week, the largest since June, following US President Donald Trump’s imposition of Ukraine-related sanctions on Russia. These sanctions, the first of Trump’s second term, targeted major Russian oil companies, including Lukoil and Rosneft.
Despite the initial impact of these sanctions, lingering doubts about their long-term effectiveness are contributing to the current decline in oil prices. Additionally, the potential for OPEC+ to increase output is further influencing market sentiment, leading to the continued slide in prices.