BEIJING: Oil prices dropped on Friday morning after the U.S. issued a 30-day license for countries to buy Russian oil and petroleum products currently stranded at sea, easing supply concerns.

Brent futures dropped 71 cents, or 0.71%, to $99.75 a barrel by 0123 GMT, and U.S. West Texas Intermediate (WTI) crude was down 88 cents, or 0.92%, to $94.85.