Trump's policies create uncertainty in oil prices

Oil prices are facing uncertainty as Donald Trump begins his second presidential term. Analysts are concerned that his policies, including potential tariffs, could weaken the economy and reduce oil demand. This week, West Texas Intermediate futures fell below $67 per barrel. Energy Secretary Chris Wright indicated that the Trump administration aims to increase oil supply, which may drive prices lower. OPEC+ plans to add 138,000 barrels per day in April, surprising traders. This marks the first step in reversing previous production cuts. Concerns about slowing oil demand are also affecting prices. The International Energy Agency forecasts a growth reduction to one million barrels per day this year. Additionally, China's oil demand growth has slowed, further contributing to the bearish outlook for oil prices.