WTI crude oil prices fell to $74.50 per barrel, a decrease of over 4%, ending a four-week rising streak. The drop is primarily attributed to former President Trump urging OPEC to lower prices to weaken Russia's stance amid the Ukraine conflict. Trump advocates for increased OPEC production to stabilize the market. However, OPEC maintains a gradual supply increase strategy, leading to uncertainty. Geopolitical factors, U.S. energy policies, and potential sanctions against key players like Russia and Iran add to market volatility. Analysts highlight risks of a global economic slowdown affecting demand and prolonging a bearish trend.
The price of WTI crude oil is facing pressure due to Trump's calls for OPEC to cut prices and increase production, resulting in a bearish trend.
Analysts warn that U.S. policies aimed at energy production and geopolitical issues could extend WTI's bearish trend, impacting global oil trade and dynamics.
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