US benchmark West Texas Intermediate (WTI) crude oil was trading around $75.55 on Wednesday (1/22). WTI prices fell as US President Donald Trump considered imposing tariffs on major trading partners and vowed to increase US oil and gas production.
Trump declared a national energy emergency on Monday and used the authority to quickly approve new oil, gas and power projects that typically take years to obtain permits. This raised concerns about higher US production in a market that is widely expected to be oversupplied this year.
Trump also said he was considering imposing 25% tariffs on Canada and Mexico while discussing imposing 10% tariffs on Chinese imports on February 1. Tariffs have the potential to slow economic growth and put selling pressure on the black gold.
The US Energy Information Administration (EIA) said on Tuesday that oil prices are expected to decline this year and next as weak economic activity and energy transition efforts weigh heavily on the US and China. "Strong global growth in petroleum and other liquids production and slower demand growth weighed on prices," EIA economists said. (AL)
Source: FXStreet
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