Oil prices fell about 2% on Tuesday, declining for the third consecutive day due to U.S. sanctions against Russia’s top oil companies and potential OPEC+ output increases. Brent crude settled at $64.40/barrel, while WTI settled at $60.15. The U.S. granted Germany a waiver for Rosneft sanctions, easing supply concerns.

The International Energy Agency stated that oil-exporting countries will not be significantly affected by the sanctions due to surplus capacity. Lukoil, Russia’s second-largest oil producer, announced plans to sell its international assets in response to Western sanctions following the conflict in Ukraine. Lukoil contributes around 2% of global oil output.

Indian refiners have paused new orders for Russian oil, awaiting clarity amidst the sanctions. OPEC+ is considering a modest output increase in December after years of production cuts to stabilize the oil market. Saudi Aramco CEO noted strong crude oil demand pre-sanctions, with Chinese demand remaining robust.

Investors are anticipating a potential trade deal between the U.S. and China, the world’s top oil consumers, as leaders prepare to meet in South Korea. U.S. crude, gasoline, and distillate stocks decreased last week, with crude down by 4.02 million barrels, gasoline by 6.35 million barrels, and distillate by 4.36 million barrels.

Read more at Yahoo Finance: Oil falls 2% as investors weigh Russia sanctions, OPEC+ output plans