Market Reaction to US Sanctions on Russian Oil Companies Cools Down

After a significant surge last week, crude oil prices have taken a downturn. The initial market reaction to the United States imposing sanctions on Russian oil companies has seemingly cooled, leading to a decrease in oil prices for the first time since the sanctions were announced.

West Texas Intermediate (WTI) for February deliveries saw a decline of 1.65%, dropping to $78.82 per barrel by 10:24 am ET. Similarly, Brent crude for March settlements experienced a 1.28% decrease, falling to $81.01 per barrel shortly after.