WTI crude falls on Trump policies, Middle East ceasefire

WTI crude oil futures dropped to around $77.7 per barrel on Monday amid speculation about potential changes to U.S. sanctions on Russian oil under the incoming Trump administration.

WTI crude falls on Trump policies, Middle East ceasefire

Markets are closely watching President-elect Trump’s inauguration, with particular attention on his policies. Trump has vowed to help end the Russia-Ukraine conflict, which could involve easing some sanctions on Russia's energy sector in exchange for a truce in Ukraine. Traders also await more details on his proposed trade tariffs on China and potential sanctions on Iran and Venezuela. Additionally, easing tensions in the Middle East weighed on prices after Hamas and Israel exchanged hostages and prisoners on Sunday, marking the start of a ceasefire after 15 months of conflict.

Crude prices rise on Russia sanctions, rate cut hopes

Last week, crude prices gained more than 1%, driven by concerns over supply disruptions following new U.S. sanctions on Russia and expectations of U.S. interest rate cuts amid signs of cooling inflation.