Oil falls 1% ahead of US decision on Russia sanctions

Oil drilling rigs

Oil prices declined today, Aug. 6, after US Secretary of State Marco Rubio indicated that Washington may decide on additional sanctions against Russia later in the day.

Brent crude futures for October delivery dropped 1.11%, or 75 cents, to settle at $66.89 a barrel, after topping $68 during the session. US West Texas Intermediate (WTI) crude futures for September delivery fell 1.24%, or 81 cents, to $64.35 a barrel.

The US Secretary of State said in press statements that he had spoken with Special Envoy Steve Witkoff, who visited Moscow today, indicating that Washington may decide today whether to impose additional sanctions on Russia and its trading partners next week.

Rubio's comments came after President Donald Trump signed an order raising tariffs on India to 50% from 25%, against New Delhi's purchases of Russian oil.

Oil losses today were limited by official data showing a three million barrel decline in US crude oil inventories last week, contrary to expectations of a 100,000-barrel increase.