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(Reuters) - Oil prices settled down on Monday by more than $1, as investors weighed new threats from U.S. President Donald Trump for sanctions on buyers of Russian oil that may affect global supplies, while still worried about Trump's tariffs.
Brent crude futures settled down $1.15, or 1.63%, to $69.21 a barrel. U.S. West Texas Intermediate crude futures lost $1.47, also 2.15%, to $66.98.
Trump announced new weapons for Ukraine and threatened to slap new sanctions on buyers of Russian exports unless Moscow agrees to a peace deal in 50 days.
Oil prices rallied early, on expectations that Washington would impose steeper sanctions. But prices retreated as traders weighed whether the U.S. would actually impose steep tariffs on countries that continue to trade with Russia.
"The market took it as a negative because there seemed to be a lot of time to negotiate," said Phil Flynn, senior analyst with Price Futures Group. "The fear of immediate sanctions on Russian oil is further off in the future than the market thought this morning."
China and India are among the top destinations for Russian crude oil exports.
U.S. stocks closed higher on Monday as investors awaited tariff developments, watched Treasury yields climb and looked forward to Tuesday's CPI inflation update.
The Dow Jones Industrial Average rose 88.14 points, or 0.2%, ending at 44,459.65.
The S&P 500 added 8.81 points, or 0.1%, finishing at 6,268.56.
The Nasdaq Composite rose 54.80 points, or 0.3%, closing at 20,640.33 — a new record high.
On Monday, President Trump told Russia it has 50 days to reach a peace deal with Ukraine or face increased economic pressure from Washington.
Of note, the 30-year Treasury yield edged up to 4.971%, closing in on its one-year high of 5.089% from May.
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