Oil falls on Russia's diesel supply move
Oil prices declined amid expectations that Russia would supply additional diesel fuel to global markets.
Brent crude fell 0.57% to $106.04 per barrel, while US West Texas Intermediate (WTI) crude dropped 0.5% to $93.27. Brent had closed the previous trading session at $106.65, marking its highest closing level since September 15. US President Donald Trump announced that Russia had agreed to increase diesel shipments, while Washington temporarily lifted sanctions on Russian fuel.
Additional supplies from Russia are expected to ease tight conditions in the global fuel market, although security risks in the Middle East are limiting the decline in oil prices. Attacks targeting Saudi Arabia and threats against tankers near the Strait of Hormuz continue to fuel supply concerns. Meanwhile, OPEC lowered its forecast for global oil demand growth in 2026 from 1.4 million barrels per day to 400,000 barrels per day. Investors are closely monitoring Russia's shipment schedule and developments in the Gulf region.
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