The global price of oil today, February 3; The market did not move
reported by are evaluating Trump’s announcement of a domestic energy emergency on his first day in office and its impact on oil supplies.
The price of a barrel of Brent North Sea oil today decreased by one cent equal to 0.01% to 79 dollars and 28 cents. Texas Intermediate West oil is also traded at $1.99 cents, equivalent to 2.56% decrease to $75.89 cents.
Trump on Monday unveiled a plan to maximize oil and gas production that includes declaring a domestic energy emergency to speed up permitting, scrap environmental protections and pull the U.S. out of the Paris climate accord. .
However, Morgan Stanley investment bank analysts believe that this policy will not boost investment or change the growth of American production in the short term.
Analysts also questioned whether Trump’s promise to fill strategic reserves would change oil demand. The Biden government had started buying oil for strategic reserves.
Investors are still cautious as Trump’s trade policy is unclear. He said that he is thinking of imposing 25% tariffs on imports from Canada and Mexico from February 1, while he promised to do this from the first day of the presidency of the Republic.
Trump also added that his administration would probably stop buying oil from Venezuela, which is one of the largest suppliers of oil to this country.
Meanwhile, a rare winter storm started on the Gulf Coast of the United States on Tuesday and has plunged most of the country into dangerous cold.
Oil production in North Dakota has decreased between 130,000 and 160,000 barrels per day due to the extreme cold and related operational challenges.
