Commodities

Oil dips on report Trump backs easing Russia sanctions

Oil prices briefly fell after a report that US President Donald Trump supports a plan to trade the release of political prisoners for easing sanctions on Russia.

The plan, led by Trump envoy John Coale, is still at an early stage, but the mere prospect of easing sanctions raises the possibility of more Russian oil reaching global markets.

For beginners Sanctions limit how much oil a country can sell abroad, so even preliminary news about easing them quickly changes expectations about future supply and moves prices.