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Weekly Crude Oil Review: WTI futures slide to two week low on Trump comments
25-Jan-2025 12:46
WTI Crude oil futures stayed in a bearish mode on expectations that President Donald Trump will boost global crude oil supply over coming months. Trump, in his speech at the World Economic Forum in Davos, called on OPEC and Saudi Arabia specifically to lower oil prices. This weighed on WTI Crude oil even as EIA reported a crude oil inventory draw of 1 million barrels for the week ending January 17, 2025. The commodity continued to turn lower from six month high and tested two week low near $74 per barrel following this. Brent Crude futures also dipped under $78 per barrel. The US Energy Information Administration or EIA stated in a latest update that benchmark Brent crude oil prices will fall from an average of $81 per barrel (b) in 2024 to $74/b in 2025 and $66/b in 2026, as strong global growth in production of petroleum and other liquids and slower demand growth put downward pressure on prices and help offset heightened geopolitical risks and voluntary production restraint from OPEC+ members. EIA forecast prices will fall sharply in 2026 mainly because of growing production in countries outside OPEC+ and demand growth that is less than the pre-pandemic average.

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