The price of U.S. West Texas Intermediate (WTI, Financial) crude oil futures fell by 2.4%, contributing to a weekly decline of 7.4%. Concerns about an oversupply in the oil market have been putting downward pressure on prices.
WTI crude for December delivery dropped $1.68, or 2.44%, to settle at $67.02 per barrel. Over the week, it recorded a cumulative decline of 7.38%.
Market speculations suggest that a Trump victory could significantly boost U.S. oil production. During past campaigns, he expressed strong support for the oil and gas industry, aiming to reduce inflation, achieve energy independence, and enhance U.S. competitiveness.
Reflecting the potential increase in U.S. oil production, the International Energy Agency (IEA) has forecasted that global oversupply could exceed one million barrels per day by 2025.
Additionally, the strengthening U.S. dollar following Trump's election win has further pressured oil prices.
