Oil Heads for Weekly Gain Ahead of Trump Inauguration
Oil is heading for a fourth straight weekly gain ahead of President-elect Donald Trump’s second term, as traders seek clarity on broad sanctions and trade policies.
Brent crude is near $82 a barrel, and up more than 2% this week, while West Texas Intermediate is above $79. Trump’s advisers are crafting a broad sanctions strategy to try to facilitate a Russia-Ukraine diplomatic deal while also putting pressure on Iran and Venezuela, according to people familiar with the matter. New trade tariffs could also disrupt global energy flows.
Source: Bloomberg