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Oil prices edged lower in Asian trade Thursday, extending recent declines as traders braced for higher U.S. crude production under President Donald Trump. Brent futures slipped 0.3% to $78.80 per barrel, while WTI futures fell 0.2% to $75.27.
Crude prices have dropped from six-month highs as uncertainty surrounding Trump’s energy and trade policies loomed. A ceasefire between Israel and Hamas further eased geopolitical risk premiums. Meanwhile, cold weather across the U.S. and Europe increased heating demand, supporting prices. U.S. sanctions on Russia also contributed to tighter supply expectations.
American Petroleum Institute data revealed a 1-million-barrel rise in U.S. inventories last week, breaking a five-week streak of draws. Official inventory data due later Thursday could confirm this trend, though analysts expect crude inventories to have declined while product stockpiles grew.
Trump’s declaration of a national energy emergency and his rollback of climate-related restrictions aim to boost production, which already hit record highs of 13 million barrels per day in 2024. Increased U.S.
