Oil prices dipped but remain set for a weekly gain, as markets consider the effects of a possible Trump presidency and China’s economic policy. Brent crude hovers around $75 per barrel, up nearly 3% for the week, while WTI trades just under $72. China is expected to announce a major fiscal package soon, raising hopes for more stimulus amid trade tensions with the U.S.
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Analysts suggest that a Trump presidency could pressure oil with higher U.S. production and possible tariffs affecting China’s economy. Citigroup warns this may be bearish for oil, while Standard Chartered notes that increased U.S. drilling isn’t guaranteed. Additional uncertainty surrounds Iranian and Venezuelan exports under new U.S. policies, which could impact supply.
The Federal Reserve’s recent rate cut may face adjustments due to potential inflationary effects of Trump’s trade and tax policies.
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