login_img.jpg
Login ID:
Password:
Partner Login
Contact Us : 7066511911

Crude Oil Prices Edge Higher but Post Weekly Decline Amid U.S. Policy Shifts

25 Jan 2025 10:25 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai, 25 Jan (Commoditiescontrol): Crude oil prices closed slightly higher on Friday, but the market ended the week in the red, breaking a four-week streak of gains. The dip came after U.S. President Donald Trump unveiled plans to boost domestic oil production while pressuring the Organization of the Petroleum Exporting Countries (OPEC) to reduce crude prices.

Brent crude futures settled at $78.50 per barrel, gaining 21 cents or 0.27%. Meanwhile, U.S. West Texas Intermediate (WTI) crude closed at $74.66 per barrel, up by just 4 cents or 0.05%. However, for the week, Brent declined 2.8%, and WTI dropped 4.1%.

Trump reiterated his call for OPEC to lower oil prices, aiming to strain Russia's revenues and expedite an end to the ongoing war in Ukraine. Despite these demands, analysts noted that U.S. sanctions targeting major producers like Russia and Iran could complicate efforts to reduce energy costs.

Addressing the World Economic Forum on Thursday, Trump urged Saudi Arabia, OPEC's de facto leader, to play a role in cutting prices. However, OPEC+ has stuck to its current plan of gradually raising oil output starting in April. Adding to the supply landscape, Chevron announced the launch of production at its $48 billion expansion of the Tengiz oilfield, expected to contribute around 1% of global crude supply.

Earlier in the week, Trump declared a national energy emergency, rolling back environmental regulations to encourage domestic oil and gas production. While these measures could support demand, analysts warned they might exacerbate global oversupply.

Geopolitical tensions also weighed on the market. Trump announced potential tariffs on the European Union, Canada, Mexico, and China, which could hurt global growth and dampen oil demand. Market experts predicted that prices would remain range-bound between $76.50 and $78 per barrel in the near term.

Despite temporary bullish factors like a significant decline in U.S. crude inventories, concerns over global oversupply and slowing demand from China continued to cap price gains. Data from the U.S. Energy Information Administration showed crude inventories at their lowest levels since March 2022, offering brief support to the market.

Looking ahead, the oil market remains cautious, balancing geopolitical uncertainties, supply dynamics, and global demand prospects.

(By Commoditiescontrol Bureau: 09820130172)


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Post Comment  

Latest Market Commentary
Domestic Pepper Prices Continue to Fall; Vietnam Prices...
Clove Prices Remain Stable Amid Steady Domestic and Imp...
Small Cardamom Prices Continue to Rise; Arrivals Surpas...
New Cumin Arrival Increase Slightly at Unjha-Gondal Man...
Turmeric Spot Prices Mixed; NCDEX Futures See Decline
more
Top 5 News
MCX Cotton Stock Position Location Wise - 07 Feb 2025
Oil Gains on Sanctions but Logs Weekly Decline Amid Tra...
Gold Rises for Sixth Straight Week on Safe-Haven Demand...
CBOT Wheat Falls on Profit-Taking, Trade Uncertainty
Sugar Prices Extend Losses on Bearish Supply Forecast
Top 5 Special Reports
CFTC Data: Speculators Cut Soybean Meal Shorts as Deman...
CFTC Report: Diverging Bets in Soybean Oil Futures as ...
EDIBLE OILS PORT STOCK AS ON : 03 Feb 2025
USDA Weekly Export Sales: Upland Cotton Sales Decline, ...
USDA Weekly Export Sales: Soybean Meal Hits Marketing-Y...
Copyright © CC Commodity Info Services LLP. All rights reserved.