Oil drops after US issues license for countries to buy Russian oil stranded at sea for 30 days - Reuters
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The Bottom Line
Oil prices fell after the U.S. allowed countries to buy Russian oil stranded at sea.
How This Affects You
Lower oil prices could reduce your gas prices at the pump in coming weeks.
AI Summary
Oil prices dropped after the U.S. Treasury Department issued a 30-day general license on Thursday, allowing countries to buy Russian oil and products stranded at sea. This license, which expires on December 1, permits transactions that would otherwise be prohibited under a new price cap policy. It specifically covers oil loaded onto a vessel at a port before December 5, 2022, and offloaded at a port of destination before December 19, 2022.
What's Being Done
The U.S. Treasury issued a 30-day license allowing purchase of Russian oil loaded before December 5th.
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