Oil prices continued to fall on Tuesday after U.S. President Donald Trump suspended military aid to Ukraine. This was reported by Reuters, as conveyed by UNN.
Details
Brent crude oil futures fell by 54 cents (0.75%) and traded at $71.08 per barrel as of 01:49 GMT.
West Texas Intermediate (WTI) crude oil futures dropped by 36 cents (0.53%), to $68.01 per barrel.
Analysts link the decline in oil prices to the cessation of all U.S. military aid to Ukraine, confirmed by a White House official on Monday.
The market views the rift between the White House and Ukraine as a sign of potential easing of the conflict (between the U.S. and Russia - ed.), which could lead to a relaxation of sanctions against Russia and a return of greater oil supply to the market.
The publication also adds that the pause in U.S. military aid to Ukraine followed reports that the White House asked the State Department and the Treasury Department to compile a list of sanctions that could be eased for U.S. officials to discuss with Russian representatives in the coming days as part of negotiations with Moscow.
Reminder
At the end of February, oil prices fell due to concerns about global economic growth, fuel demand, and tariff threats from the U.S. This led to the first monthly decline in prices since November.