Oil falls 2% as investors weigh Russia sanctions, OPEC+ output plans

Oil prices slipped about 2% on Tuesday and were on track for a third straight day of declines as investors considered the impact of U.S. sanctions against Russia's two biggest oil companies on global supply, along with a potential OPEC+ plan to raise output.

Brent crude futures  were down $1.36, or 2.1%, to $64.26 a barrel at 11:48 a.m. EDT (1548 GMT). U.S. West Texas Intermediate crude futures were down $1.29, or 2%, at $60.02.

Brent and WTI last week registered their biggest weekly gains since June, reacting to U.S. President Donald Trump's decision to impose Ukraine-related sanctions on Russia for the first time in his second term, targeting major oil companies Lukoil  and Rosneft .

The U.S. government has provided written assurances that the German business of Russia's Rosneft would be exempt from the sanctions because the assets are no longer under Russian control, Germany's economy minister said.

"Trump giving Germany this waiver gives the impression that there could be more wiggle room on these sanctions, so this is taking away some of the immediate concerns that supplies could dramatically tighten. We definitely saw some risk-off (trading) today," said Phil Flynn, senior analyst with Price Futures Group.