WTI remains subdued near $77.00 due to market caution ahead of Trump’s inauguration
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WTI price loses ground amid risk aversion ahead of President-elect Donald Trump’s inauguration on Monday.
Traders shift their attention to how the incoming Trump administration will approach sanctions on Russia’s energy sector.
Crude Oil prices struggle due to easing tensions in the Middle East, as Hamas and Israel exchanged hostages and prisoners.
West Texas Intermediate (WTI) extends losses for the third successive session, trading near $77.20 per barrel during Monday's Asian session. Oil traders adopt a cautious stance ahead of President-elect Donald Trump’s inauguration later in the day. The US market will remain closed on Monday in observance of Martin Luther King Jr. Day.
Concerns are mounting over Trump’s policy proposals, including potential tariffs, tax cuts, and the deportation of undocumented immigrants. Analysts note that the future path of US Federal Reserve (Fed) interest rates will depend significantly on how extensively these policies are enacted.
Oil prices rose following Washington’s imposition of two rounds of sanctions on Russia’s energy sector over the ongoing Ukraine conflict. Over the past two weeks, the Biden administration targeted more than 100 tankers and two Russian Oil producers.
Attention is now shifting to how the incoming Trump administration will approach the Biden administration’s sanctions. Traders are also looking for clarity on Trump’s stance regarding trade tariffs and potential sanctions on Iran and Venezuela.
However, easing tensions in the Middle East may cap further upside of crude Oil prices. On Sunday, Hamas and Israel exchanged hostages and prisoners, marking the first day of a ceasefire after 15 months of conflict.
Hamas released three female hostages in exchange for 90 Palestinians imprisoned in Israel, according to Bloomberg. In turn, for the three Israeli hostages freed, Hamas agreed to release 90 prisoners and detainees, all of whom were expected to be women and children, as reported by the Commission of Prisoners' Affairs.
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