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Oil falls after Trump says Russia will ship diesel to US
Trump said Russia will send more than 300,000 tons of diesel immediately, with next shipments of 500,000 tons in November and 1 million tons after that, as OFAC issued General License 135.
Crude oil prices fell after President Donald Trump said following a call with Russian President Vladimir Putin that Russia would immediately supply more than 300,000 tons of diesel to US and global markets, with additional shipments of 500,000 tons in November and 1 million tons after that, according to FXStreet.
FXStreet reported that OFAC issued General License 135 on Friday to allow the sale and import of Russian diesel, including into the US, until April 7, 2027.
The same report said New York diesel futures were near $4.67 a gallon after declining again on the news, and had given back most of Thursday's rise, while spot WTI slipped from near $91.00 to just under $90.00 in the immediate aftermath.
FXStreet added that the diesel cargoes could pressure US refiners by lowering margins, noting the first 300,000 tons equate to about 2.2 million barrels, roughly a little more than half a day of US distillate fuel demand.
Latest closeWTI crude $91.10 ▲3.2%