Oil Prices Hit Lowest Since December Following Trump's Comments

In a significant market movement, crude oil prices have plunged to their lowest levels since December, influenced by President Donald Trump's recent statements. Trump emphasized his administration's commitment to driving down oil prices, a move that has sent ripples through the global oil markets.

Adding to the downward pressure, the latest U.S. crude inventories report revealed an unexpected increase in stockpiles. The report indicated a substantial rise of 8.7 million barrels, further exacerbating the decline in oil prices.

Market Reaction

West Texas Intermediate (WTI) for March delivery experienced a 0.84% drop, trading at $70.61 per barrel as of 2:20 pm ET. Similarly, Brent crude for April settlement saw a decrease of 0.47%, with prices settling at $74.33 per barrel.