NYSEARCA:USO - NYSE Arca - US91232N2071 - ETF - Currency: USD
WTI crude oil struggles due to tariff-related demand concerns, causing a sharp downturn in prices. OPEC+ adding more supply further fuels the fire.
US markets rose on tech strength and trade hopes. Nasdaq led gains, while data showed mixed economic results. Asia markets traded mixed. Commodity prices were lower, and US futures were mixed.
West Texas Intermediate crude futures fell to as low as $62.57, down 3.30% or $2.10 from Tuesday’s closing price.
However, IG Market Strategist Yeap Jun Rong expects crude oil prices to inch lower if the U.S. and Iran strike a nuclear deal.
Buffett hasn’t sold a single OXY share in 2025. Discover if now is the right time to invest in Occidental Petroleum amid oil price drops and debt concerns.
Oil prices are forecast to continue falling in 2025, but the drop will need to be even more dramatic than expected for the Trump administration to step in and support markets.