Oil prices in the Asian market fell slightly in early trading due to expectations that sanctions against Russia may not be as severe

Analysts say that oil prices in Asia's early trading session have slightly declined, as the market expects that U.S. sanctions against Russian oil giants may not be as severe. Near-month West Texas Intermediate crude futures fell 0.3% to $61.14 per barrel; near-month Brent crude futures fell 0.3% to $65.45 per barrel. Société Générale listed several reasons supporting this view. Members of the commodity research and strategy department at Société Générale stated in a report that one reason is that most of Russia's transactions are now conducted in rubles or other "friendly" currencies. These members added that the second reason is that OPEC has expressed its willingness to increase production if necessary