Global oil prices fall on Russian sanctions, supply concerns
Oil prices slipped on Wednesday after tougher sanctions hit Russian oil giants and fresh supply concerns rattled the market.
Brent crude fell to $65.01 a barrel, while US WTI dropped to $60.87.
Indian crude futures also edged down in early trading.
Why it matters?
If you drive, travel, or just care about global prices, these shifts can impact everything from fuel costs to inflation.
With Europe and the UK having banned Russian seaborne oil, Russia's revenue from exports has plunged—so they're now selling more to India and China at big discounts.
US sanctions on Russian oil firms Rosneft, Lukoil
The US recently sanctioned major Russian oil companies Rosneft and Lukoil, turning up the pressure ahead of key OPEC+ and IEA reports this week.
Plus, Ukrainian drone strikes and refinery sanctions have squeezed supplies of refined fuels—even as crude prices slip, refined product costs are staying high due to tighter supply.