Reported 17 days ago
Oil prices are on track for a weekly increase as traders assess the potential effects of a Trump presidency on crude supply and a recent Federal Reserve rate cut. West Texas Intermediate is nearing $72 a barrel, anticipating a 4% weekly gain, while Brent crude remains below $76. Analysts suggest a Trump administration could lead to higher production, although US oil producers may not increase drilling as urged. Meanwhile, the Fed cut interest rates to support ongoing economic growth, with Chairman Jerome Powell stating that the election will not influence the central bank's near-term policies.
Source: YAHOO