Singapore: Oil prices declined on Tuesday, extending losses from the previous two sessions, due to OPEC's plans to increase output, which outweighed optimism about a potential trade deal between the United States and China.
Brent crude futures dropped by four cents to $65.58 a barrel, while US West Texas Intermediate (WTI) crude futures fell by nine cents to $61.22 a barrel.
Russia’s Lukoil, the country’s second-largest oil producer, announced its plans to sell its international assets following US sanctions.
The United States announced last week a round of sanctions on Russia related to the oil sector.
US Treasury Secretary Scott Bessent said in a statement that sanctions were imposed on Russia’s two largest oil companies, attributing the move to Moscow’s refusal to end the war in Ukraine. He added that the sanctions on Rosneft and Lukoil were due to their financing of Russia’s war machine.
US President Donald Trump seeks to bring an end to the conflict that began when Moscow launched its military operation in Ukraine on Feb. 24, 2022.
