• Contact Us
  • About Us
Sunday, June 1, 2025
  • Login
MetroBusinessNews
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
MetroBusinessNews
No Result
View All Result
ADVERTISEMENT
Home Energy

Oil prices Heading For Weekly Fall On Trump’s Energy Policies

metro by metro
January 24, 2025
in Energy
0
Shell Invests In Bonga North Deep-Water Project 
0
SHARES
0
VIEWS

 

 

Read Also

AEDC Staff Electrocuted During Repair Duty In FCT As Consumers Complain Lack Of Power

TCN Begins Reconstruction Of Collapsed Towers On 330kv Kainji-Birnin Kebbi Line

FG Begins Overhaul Of ‘UnderPerforming’ DisCos

OIL prices were little changed on Friday but headed for a weekly decline after U.S. President Donald Trump issued a sweeping plan to boost U.S. production and demanded OPEC lower crude prices.

Brent crude futures were down 9 cents at $78.20 a barrel by 0445 GMT on Friday, while U.S. West Texas Intermediate crude (WTI) dipped 9 cents to $74.53.

For the week, Brent was down 3.18% so far, while WTI shed 4.28%.

“Crude prices have been easing all through this week, as investors trimmed war premiums after the Gaza ceasefire while bracing for Trump’s energy policy change,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.

Specifically, the latest drop came after Trump’s speech at the World Economic Forum in Davos, where he called on OPEC and Saudi Arabia specifically to lower oil prices.

ALSO  READ:Nigeria Oil Spill, Fire, Spark Concern From Environmental Groups

“If the price came down, the Russia-Ukraine war would end immediately. Right now, the price is high enough that that war will continue – you got to bring down the oil price,” Trump said during his speech. “They should have done it long ago. They’re very responsible, actually, to a certain extent, for what’s taking place,” Trump added.

“More potential downward choppy movement in the oil market in the near term due to the Trump administration’s lack of clarity on trade tariffs policy and impending higher oil supplies from the U.S.,” OANDA senior market analyst Kelvin Wong said in comments on Trump’s speech, as quoted by Reuters.

While it is quite uncertain whether OPEC will heed Trump’s call and start pumping more oil immediately, traders reacted quickly, reversing a bullish trend in the oil market that started at the end of last year. On Thursday, Brent crude and West Texas Intermediate fell by more than 1%, with Brent crude trading at $78.23 per barrel at the time of writing and WTI at $74.55 per barrel.

Besides the reaction to Trump’s calls to OPEC, traders appear to be quite certain that his energy policies will lead to significantly higher U.S. oil production, even as some analysts have expressed doubts this would be the case—along with the industry itself.
Oil drillers have repeatedly signaled they have no immediate plans to boost output in any considerable way, sticking instead with fiscal discipline and shareholder returns as a top priority. Still, the market has reacted in a rather primal way to Trump’s entry into office, taking his plans for a done deal already.

 

Previous Post

Trump Tells Business Leaders To Manufacture In US Or Pay Tariffs As WTO Warns Against Tit- For- Tat Trade War

Next Post

Trump Arrests, Deports Hundreds Of ‘Illegal Immigrants’

Related Posts

AEDC Attributes Outages To Explosion, Technical Fault As Over 20 Communities Thrown Into Darkness During Easter
Energy

AEDC Staff Electrocuted During Repair Duty In FCT As Consumers Complain Lack Of Power

May 30, 2025
TCN Begins Reconstruction Of Collapsed Towers On 330kv Kainji-Birnin Kebbi Line
Energy

TCN Begins Reconstruction Of Collapsed Towers On 330kv Kainji-Birnin Kebbi Line

May 17, 2025
Discos Accuse FG Of Expropriation, Say Action worsening Failure Of Sector, Breach Of Extant Laws
Energy

FG Begins Overhaul Of ‘UnderPerforming’ DisCos

May 12, 2025
Transcorp, Geregu’s N216bn Debts May Deepen Nigeria’s Power Sector Crisis 
Energy

Transcorp, Geregu’s N216bn Debts May Deepen Nigeria’s Power Sector Crisis 

April 26, 2025
Next Post
Trump

Trump Arrests, Deports Hundreds Of 'Illegal Immigrants'

Naira

Anxiety Over Naira As OPEC+ Increases Production Quota By 411,000 Bpd

June 1, 2025
OPEC

OPEC+ Oil Producers Stick To Guns With Another Big Hike For July

June 1, 2025
20 Kano Athletes, Officials Die In Road Accident While Returning From Sports Festival In Ogun

20 Kano Athletes, Officials Die In Road Accident While Returning From Sports Festival In Ogun

May 31, 2025
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate

© 2022 Metro Business News

Go to mobile version