West Texas Intermediate (WTI) crude continued its downward trend, trading below $76.50 as former U.S. President Donald Trump committed to increasing domestic oil production if reelected. The promise to expand output has amplified bearish sentiment in oil markets already grappling with concerns over global demand.
Traders reacted swiftly to Trump’s remarks, which raised expectations of increased U.S. crude supply in the future. The prospect of higher production levels adds pressure to an already volatile market, with prices facing headwinds from slowing economic activity in key energy-consuming regions. Analysts suggest this could further disrupt the delicate balance of global supply and demand, driving prices lower in the near term.
WTI’s decline underscores the market’s sensitivity to policy-driven supply signals, particularly as the energy sector navigates geopolitical and macroeconomic challenges.
