The crude oil market declined on Monday as the latest European sanctions on Russian oil were expected to have minimal impact on supplies, as investors weighing a potential drop in diesel supplies.
Brent crude futures went down by 7 cents or 0.1 per cent to $69.21 a barrel and the US West Texas Intermediate (WTI) crude futures lost 14 cents or 0.2 per cent to close at $67.20 per barrel.
The European Union (EU) approved on Friday the 18th package of sanctions against Russia over its war in Ukraine, which also targeted India’s Nayara Energy, an exporter of oil products refined from Russian crude.