- Brent crude fell 1.48% to $105.05 a barrel and WTI fell 1.57% to $92.27 on the Russian diesel news.
- President Donald Trump defended the temporary easing of Russian diesel restrictions despite bipartisan criticism from US lawmakers who warned the move could undermine sanctions over Moscow's war in Ukraine.
- Goldman Sachs estimates an additional 800,000 metric tons of Russian diesel would lower wholesale diesel prices in the US Gulf Coast and Europe by only $1 to $2 a barrel.
- US diesel inventories are down 14% year on year and visible stocks in China are down 11%, according to Goldman Sachs.
- Iran-backed Houthi militants attacked King Khalid International Airport in Riyadh, leaving 12 people dead and more than 300 injured, which limited oil's losses.
- India's rupee extended gains as the central bank announced more measures to support a currency under pressure from high oil prices and foreign outflows.
Quotes
“Russian refinery outages jumped by 3 million barrels per day from a year earlier”