Gold benefits from oil decline, dollar recovers
Oil prices fell after Trump signed an executive order exempting Russia from key sanctions, potentially increasing Russian fuel exports. Brent dropped 1.77% to $107.92, WTI fell 0.82% to $100.58. Gold rose and the dollar strengthened. Rubio said the economic impact assessment will take 60 days. Zelensky warned the measures will harm Ukraine.
Global markets showed mixed movements at the start of the week, as oil prices declined after US President Donald Trump signed an executive order exempting Russia from key sanctions and tariffs under the Graham Act, a step that could pave the way for increased Russian fuel exports. Brent crude futures fell $1.94 (1.77%) to $107.92 per barrel, while West Texas Intermediate crude dropped 83 cents (0.82%) to $100.58. In contrast, gold prices rose and the dollar strengthened at the start of Asian trading. US Secretary of State Marco Rubio said Trump will use a period of up to 60 days to assess the economic impact of these measures on the global economy. The move follows an agreement announced by Trump with Russian President Vladimir Putin to export diesel to the United States and other countries, with volumes starting at about 2.3 million barrels this month before rising to about 7.6 million barrels per month. In response, Ukrainian President Volodymyr Zelensky warned that these US measures will harm Ukraine.