Brent crude’s sharp fall is driven by concerns over deteriorating U.S. consumer sentiment and fears that Trump’s policies could have negative effects on the economy, SEB said.

Differentials for medium sour crude grades such as Mars Blend rise following Trump’s decision to revoke a license allowing Chevron to operate in Venezuela.

Still, price risks remain as the U.S. might scale up sanctions on Russia if negotiations stall. Brent crude currently trades ...