Oil Steadies Near $81 as Market Braces for Second Trump Term
Oil was steady ahead of the inauguration of President-elect Donald Trump, as the market braced for a period of uncertainty and turmoil at the start of his second term in the White House.
Brent traded below $81 a barrel after falling over the past two sessions, while West Texas Intermediate was near $78.
Trump is poised to invoke emergency powers in the hours after he’s sworn in as part of his plan to unleash domestic energy production, according to people familiar with the matter.
The incoming president has also threatened hefty tariffs on trade partners including China, Canada and Mexico, and could implement sanctions on Iran.
Source: Bloomberg