Oil prices slipped to about $108 a barrel after US President Donald Trump waived key sanctions and tariffs on Russia, easing near-term concern about supply.
Brent crude fell about 1.6 percent in intraday trading, with reported prints ranging from about 1.3 to 1.8 percent depending on the time of day, to around $108. US West Texas Intermediate fell about 0.7 percent to $100.72.
Trump signed an executive order on Friday waiving measures under the Graham Act. Secretary of State Marco Rubio said the United States would have up to 60 days to assess the economic impact, following a Trump-Putin diesel-export deal. Trump later said a final decision had not been made.
The decline came despite continued risks in the Gulf, where another tanker was reported to have hit a mine and regional flows remained under pressure.