Global oil prices cool down as US allows all countries to buy Russian oil

Global oil prices cooled down marginally on Friday after the US announced a 30-day waiver, allowing all countries to purchase Russian oil.

Brent crude was trading at $99.99 per barrel, down 0.47 per cent, while West Texas Intermediate (WTI) dropped 0.67 per cent to $95.09 per barrel.

US Secretary of Treasury, Scott Bessent, said on X that “To increase the global reach of existing



supply, @USTreasury is providing a temporary authorisation to permit countries to purchase Russian oil currently stranded at sea”. 

“This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction,” Bessent posted.