After a sharp increase in the morning session of January 21, 2025 (Vietnam time), world crude oil prices have simultaneously turned around and plummeted. At 5:31 p.m., WTI crude oil was at 75.77 USD/barrel, down 1.62 USD/barrel, equivalent to a decrease of 2.09%. WTI crude oil closed the previous trading session at 76.39 USD/barrel, opening today's session at 76.27 USD/barrel.
Brent crude oil was at $79.17 a barrel, down $0.98, or 1.21%. Brent crude oil closed the previous trading session at $80.15 a barrel and opened today's session at $79.81 a barrel.
According to Reuters, the decline is believed to be a market reaction to new energy policies announced by President Donald Trump shortly after taking office. On his first day in office, he signed a series of executive orders aimed at boosting fossil fuel production, including declaring a national energy emergency to boost oil and gas production.
These policies are expected to increase oil supply in the global market, creating downward pressure on crude oil prices. In addition, the US's expected increase in energy exports also contributes to increasing supply, affecting oil prices.
In the short term, oil prices are expected to continue to face downward pressure due to expectations of increased supply from the United States. However, some experts warn that a rapid increase in production may be difficult due to infrastructure constraints and costs.
