Crude Prices Decline on Expectations of Trump's Energy Policy Shift
Crude oil prices fell early Monday, driven by expectations that U.S. President-elect Donald Trump may ease restrictions on Russia's energy sector as part of a potential deal to resolve the Ukraine conflict.
Brent crude dipped 0.3% to $80.54 per barrel, while West Texas Intermediate (WTI) crude slipped 0.5% to $77.53 per barrel as of the latest data.
Trump, set to be inaugurated on Monday, is anticipated to announce policy changes, including lifting the moratorium on U.S. liquefied natural gas export licenses, according to a report by Reuters.
USOIL Technical Analysis
Crude oil remains under bearish momentum while trading below $77.94. A decline to $75.35 is expected, with further downside toward $72.75 if $75.35 is breached.
Key Levels
Pivot Line: $77.45
Resistance Levels: $79.00, $81.00
Support Levels: $75.35, $74.15, $72.75
Trend Outlook
Bearish: While below $77.94
Bullish: Above $77.94