Oil prices retreated on Monday after the Trump administration pulled back from sanctions threats against Colombia over illegal immigration, alleviating concern about oil supply disruptions.
Data from analytics firm Kpler shows that Colombia last year sent about 41% of its seaborne crude exports to the U.S. Brent crude for March delivery slipped 1.99% to trade at $76.94 per barrel at 9.50 am ET while WTI crude for February delivery fell by 2.2% to change hands at $73.02 per barrel. “The Government of Colombia has agreed to all of President Trump ’s terms, including the unrestricted acceptance of all illegal aliens from Colombia returned from the United States, including on U.S.
Even if the sanctions didn't take place, this still creates nervousness that Trump will bully whoever needs to be bullied to get his way,' said Bjarne Schieldrop, chief commodities analyst at SEB. 'Fundamentally, the market is surprisingly tight,' he added. Trump also weighed in on the Ukraine war and OPEC, 'One way to stop it quickly is for OPEC to stop making so much money and drop the price of oil ... That war will stop right away,' Trump said.
Oil Prices Oil Supply Colombia Trump Trade War
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