Russia sanctions waiver keeps crude capped near $97-108 despite Ukraine's largest drone raid

West Texas Intermediate traded near $97 a barrel and Brent near $108 on Monday, down about 1.7% and 1.8% respectively, on a day the largest Ukrainian drone raid of the war, more than 1,000 aircraft with some flying as deep as 1,000 km according to AP, set fires at the Petersburg Oil Terminal and the Ruchyi oil depot in St Petersburg. Crude closed lower anyway. That is the whole story of this market in one session: the strikes that keep coming off Russian energy infrastructure versus Washington's decision to waive US tariffs and sanctions on Russia, which traders read as a green light for more Russian crude and refined product onto global markets. The two forces trade in direct tension, and t…