Oil Prices Drop After Six Straight Sessions

Crude oil prices dropped by more than $2 per barrel on Monday as investors took profits after six consecutive price rises. The decline came despite a U.S. sanctions package unveiled by Treasury Secretary Bessent, which was widely anticipated.

The U.S. Oil Fund LP ETF (USO) and other crude oil futures contracts fell in tandem with the drop in prices. Analysts pointed out that the sanctions announced by the U.S. were 'less dramatic than the rhetoric' surrounding them.