Brent crude December futures fell about 2.2 percent to 107.34 dollars per barrel, after closing Friday at 108.14 dollars. The contract had reached 109.34 dollars on Friday before easing. WTI November futures stood at 96.97 dollars at the same time.
Russia exemption weighs on prices
Oil prices fell after US President Donald Trump granted an exemption from sanctions and tariffs on Russia. The move raised expectations that Russian crude and fuel supply to global markets could increase.
OPEC also cut its forecast for global oil demand growth, adding pressure. The group now expects demand to grow by 200 thousand barrels per day in 2026, down from 400 thousand barrels per day previously expected in September.
Supply risks persist
Security concerns in the region have not gone away. Risks to maritime transport from Iran and affiliated groups remain in place, and a helicopter crash in Saudi Arabia near the Yemen border has added to the unease.
Iran’s own plan, he said, remains on the table.
Peace talks and technical levels
Trump claimed major progress in Russia-Ukraine peace talks. He criticised Vladimir Zelensky for not wanting to end the war, and for Russian diesel refinery attacks.
Technical analysts are watching resistance at 109.60 dollars and support at 107.18 dollars for Brent.
Related: Brent tops $110 a barrel on Middle East risk and tight supply · Brent futures settle at $109.86 on Middle East fears
Source: OPEC
