India, Oct. 15 -- Oil prices were sharply lower on Thursday due to profit taking following a recent rally as reports suggested the Trump administration is considering easing sanctions on so-called shadow fleet vessels in order to reduce record-high global freight rates.
Brent crude futures fell nearly 2 percent below $104 a barrel after reports emerged that the Trump administration is contemplating relaxing sanctions on certain oil tankers transporting oil from Russia, Venezuela and Iran in order to alleviate the global tanker capacity crunch exacerbated by ongoing conflicts in the Persian Gulf. WTI crude futures were down 0.2 percent at $94.94 a barrel.
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