Crude Oil pops over 1% on prospects that Trump’s reform plans will boost local Oil consumption intensively
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Oil prices bounce over 1.25% higher on Thursday after three consecutive days in the red. Bloomberg Intelligence forecasts that the US Crude inventories might face sharp daily drawdowns in 2025. The US Dollar Index trades softer, pressured by profit taking after its steep rally on Wednesday due to a hawkish tilt from the Fed. Crude Oil prices are rallying and are moving comfortably above $70.00 on the back of some support provided by a Bloomberg Intelligence article. US commercial crude inventories could decline by roughly 537,000 barrels a day in 2025, according to the Bloomberg supply and demand calculator. Although President-elect Donald Trump has promised to drill more domestic Oil, it will take several months or years before those new sites and wells become fully operational, while demand is set to pick up under Trump’s reform programs. The US Dollar Index (DXY) – which measures the performance of the US Dollar (USD) against a basket of currencies – retreats from a fresh over-two-year high reached on Wednesday, falling back below 108.00 as traders unwind or reduce their Greenback exposure with year-end in sight. The last stretch higher came after the Federal Reserve (Fed) lowered its policy rate by 25 basis points as expected. However, the central bank became hawkish by signaling fewer rate cuts in 2025, possibly only two from the four previously forecasted. At the time of writing, Crude Oil (WTI) trades at $70.22 and Brent Crude at $73.27 Oil news and market movers: Trump plans to gobble up US Crude storage supply Drillers in North Dakota at the Bakken Oil formation produced 1.178 million barrels per day in October, the lowest since July, according to the state data, Reuters reports. Production fell by 1.8% against the previous month and 6.2% against last year. China’s biggest Oil refiner said the country’s gasoline…
