• WTI prices are managed by a third weekly loss in a row, because Trump confirms plans to boost domestic oil production.
• Oil prices counted after a pointed boost in American supplies of oil and gasoline, signaling weaker demand.
• Saudi Aramco raised prices among the growing demand from China and India, as well as the disturbance of Russian supply.

The price of crude oil West Texas Intermediate (WTI) stops the four -day lost series, but remains on the right track to the third in a row of a weekly inheritance, trading around USD 70.80 for a barrel in the early European hours on Friday.

Crude oil prices faced pressure after US President Donald Trump confirmed plans to boost domestic oil production to reduce prices. His commitment occurred among constant fears of already high supply.

In addition, oil prices fell after a pointed boost in American reserves of oil and gasoline, signaling weaker demand. American oil increased by 8.664 million barrels in the week ending on January 31, 2025-the greatest growth for almost a year, significantly exceeding market expectations by 2.6 million barrels.

US-China’s commercial tensions also considered on the market because Beijing applied tariffs on American oil, LNG and coal in the retaliation of Trump’s last means. However, it is expected that the impact will be restricted due to the relatively low import in China of American energy products. Despite this, the hopes for relieving commercial tensions persist when President Trump and President of China XI Jinping plan to discuss the potential withdrawal of tariffs, according to Reuters.

By providing some support for prices, the Saudi Aramco price boost was powered by the growing demand from China and India, combined with the disturbances of Russian supply resulting from the US sanctions. Further risks of delivery remain because the re -efforts of US President Donald Trump to eliminate the exports of Iran oil can potentially remove up to 1.5 million barrels per day from the market.