Oil extended falling after EU tweaked sanctions on Russian oil exports

International benchmarks for crude oil extended the weakening trend on Friday, 22 July 2022 after the European Union made adjustment on the sanction, allowing Russian oil companies to ship oil to third countries in order to limit the risks to global energy security. Meanwhile, demand for gasoline in the US fell 8% from the year before amid the peak summer driving season. 

Brent fell 66 cents to close at $103.20/barrel.

WTI plunged $1.65 to close at $94.70/barrel.