Oil Volatile Amid U.S. Policy Uncertainty
Oil prices continue to be volatile in early trade amid uncertainties over the impact of U.S. President Donald Trump's energy policies and proposed tariffs on the market. Brent crude and WTI both rise 0.1% to $79.06 and $75.51 a barrel, respectively, after opening the session lower.
"Most of his policies could ultimately tighten the oil market," ANZ Research's Daniel Hynes and Soni Kumari say, citing Trump's plans to refill strategic reserves, potentially place more sanctions on Russia and stop buying oil from Venezuela.
Meanwhile, U.S. trade tariffs could end up hurting global growth, dampening demand. "More details on his policies are needed to fully understand their impacts on the oil market,"
Source: Bloomberg