INSUBCONTINENT EXCLUSIVE:
The global oil market experienced a downturn as Donald Trump secured victory in the U.S
Brent crude, the international benchmark, fell by 0.80% to $74.92 per barrel.This price was for January 2025 contracts on the
Intercontinental Exchange in London
Meanwhile, West Texas Intermediate (WTI) dropped 0.41% to $71.69 per barrel for December contracts on the New York Mercantile Exchange.The
This might support global crude oil prices
In 2018, Trump unilaterally withdrew the U.S
from a nuclear deal and imposed sanctions on Iran during his first term.U.S
oil inventories increased by 2.149 million barrels, reaching 427.658 million barrels
This rise was unexpected, as experts had predicted stability.In addition, the data came from the Department of Energy for the week ending
Investors also kept an eye on Tropical Storm Rafael in the Gulf of Mexico.Meteorologists expect it to strengthen into a hurricane this week
Analysts predict the storm could reduce oil production by about 4 million barrels.The decision by OPEC+ to delay increasing commodity
production remains a factor in the market
This move continues to influence oil prices and supply dynamics globally.These events highlight the complex interplay of political,
economic, and environmental factors in the oil market
The industry remains sensitive to global events, from election outcomes to weather patterns.
