Oil settles lower as US dollar surges, investors take stock of Trump victory
Oil prices settled lower on Wednesday as investors weighed a strong U.S. dollar against the potential that U.S. President-elect Donald Trump's foreign-policy plans could squeeze global oil supply.
Brent crude oil futures settled down 61 cents, or 0.81%, at $74.92 per barrel. U.S. West Texas Intermediate (WTI) crude settled down 30 cents or 0.42%, to $71.69.
Trump's election triggered a large sell-off that pushed oil prices down by more than $2 per barrel during early trade as the U.S. dollar rallied, currently at its highest level since September 2022.
Source: Reuters