Oil Prices Plunge Following Trump's Remarks

In a significant market movement, crude oil prices have tumbled to their lowest since December, influenced by President Donald Trump's recent statements aimed at reducing oil prices. This development comes alongside a report from the US indicating a substantial increase in crude oil inventories.

Market Reaction and Price Details

By 2:20 pm ET, West Texas Intermediate (WTI) for March deliveries witnessed a 0.84% drop, trading at $70.61 per barrel. Similarly, Brent crude for April settlements saw a decrease of 0.47%, settling at $74.33 per barrel. These figures highlight the immediate impact of Trump's comments and the inventory report on the global oil market.