Donald Trump inauguration speech impact on oil prices: Brent crude, US WTI futures fall. Check forecast
Oil prices settled lower on Monday after U.S. President Donald Trump was sworn in for a second time, and said he would immediately declare a national energy emergency, promising to fill up strategic reserves and export American energy all over the world.
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Brent crude futures closed down by 64 cents, or 0.8 per cent, at $80.15 in early settlement due to the U.S. Martin Luther King Jr. Day holiday. U.S. West Texas Intermediate crude futures were down by $1.30, or 1.7 per cent, at $76.58. The more active WTI crude March contract was down 91 cents, or 1.2 per cent, at $76.48. There will be no settlement for WTI contracts due to the U.S. holiday.
US President Donald Trump on Monday announced his administration would declare a «national energy emergency» to significantly expand drilling in the world's top oil and gas producer, signaling a sharp departure from Joe Biden's climate-focused policies.
«The inflation crisis was caused by massive overspending and escalating energy prices, and that is why today I will also declare a national energy emergency. We will 'Drill, baby, drill!'» Trump said during his inauguration speech.
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