Oil Prices Hit Lowest Since December After Trump's Announcement

In a surprising turn of events, crude oil prices have plummeted to their lowest levels since December last year. This dramatic shift comes in the wake of a bold statement from United States President Donald Trump, who revealed his administration's plans to reduce oil prices. Adding to the downward pressure, the latest US crude inventories report highlighted a significant increase in crude oil stockpiles, which rose by a staggering 8.7 million barrels.

As of 2:20 pm ET, West Texas Intermediate (WTI) for March deliveries experienced a 0.84% drop, settling at $70.61 per barrel. Similarly, Brent for April settlements saw a decrease of 0.47%, with prices falling to $74.33 per barrel. These developments mark a significant moment in the oil market, reflecting the impact of political statements and inventory changes on global oil prices.