WTI Falls as Brent Drops to 5-Week Low as Sanctions Set

West Texas Intermediate crude fell and Brent tumbled to a five-week low on speculation that U.S. and European Union sanctions against Russia are unlikely to disrupt oil shipments.

Futures in New York fell 0.8 percent, while Brent dropped 1.8 percent. U.S. President Barack Obama imposed penalties on top Russian officials for supporting the secession of Crimea from Ukraine. About 97 percent of voters in Crimea chose to leave Ukraine and become part of Russia, the world’s biggest energy-producing country, in a referendum yesterday.