Oil falls on prospect of Trump pushing up crude | Commodities

By Laila Kearney

(Reuters) – Oil markets sank on Friday, a day after U.S. President Donald Trump pressured OPEC and its de facto chief Saudi Arabia to decrease costs in a broad push to drive up crude manufacturing.

futures have been down 50 cents at $77.95 a barrel by 0044 GMT. U.S. West Texas Intermediate crude (WTI) shed 31 cents to $74.31.

Trump, during his speech on Thursday on the World Financial Discussion board in Davos, Switzerland, mentioned he would demand the Group of the Petroleum Exporting Nations convey down the price of crude barrels.

Trump additionally mentioned he would ask Riyadh to increase a U.S. investment bundle to $1 trillion, up from $600 billion reported by the Saudi state news company earlier within the day.

Uncertainty over Trump’s tariffs insurance policies, and the potential the newly inaugurated president will push for greater U.S. oil output, additionally weighed on crude futures, analysts mentioned.

Shrinking inventories, which hit their lowest stage since March 2022 final week in keeping with the U.S. Vitality Info Administration, saved oil costs from falling additional.

The EIA report, issued a day late as a result of of a U.S. vacation on Monday, mentioned crude stockpiles fell by 1 million barrels to 411.7 million barrels within the week to Jan. 17, marking a ninth consecutive weekly decline. [EIA/S]