Crude Oil Prices Take a Dive

Following a statement from United States President Donald Trump about his administration's intentions to reduce oil prices, crude oil prices experienced a significant decline. This drop marks the lowest prices have been since December of the previous year.

Impact of US Crude Inventories Report

Adding to the downward pressure on prices, the latest US crude inventories report revealed an 8.7 million barrel increase in crude oil stockpiles. This news further influenced the market's trajectory, impacting both West Texas Intermediate (WTI) and Brent crude futures.

Market Reaction

By 2:20 pm ET, WTI for March deliveries had decreased by 0.84%, trading at $70.61 per barrel. Similarly, Brent for April settlements saw a 0.47% decrease, with prices at $74.33 per barrel.