Oil futures rise after Trump’s remarks
Crude prices were around 3% higher on Wednesday after President-elect Donald Trump held the first press conference since July earlier today. Trump’s optimistic comments about boosting the US economy under his presidency affected positively investor’s expectations of higher demand for energy.
The upward trend was also supported by the confirmation from Saudi Arabia that it is cutting its supply to Asian customers.
The oil prices rebounded after declining in the previous two sessions despite a rise of 4.1 million barrels in oil inventories reported by US Energy Information Administration.
WTI for February delivery gained 2.78% changing hands for $52.13 per barrel at 9:17 pm. At the same time, Brent for March delivery rose 2.76% trading at $55.11 a barrel.