Oil prices were little changed on Wednesday as markets weighed U.S. President Donald Trump’s declaration of a national energy emergency on his first day in office and its impact on supply.
Brent crude futures rose 9 cents to $79.38 per barrel at 0420 GMT, while U.S. West Texas Intermediate crude futures (WTI) inched up 1 cent to $75.84.
The contracts settled lower on Tuesday after Trump laid out a sweeping plan to maximise oil and gas production, including by declaring a national energy emergency to speed permitting, rolling back environmental protections, and withdrawing the U.S. from the Paris climate pact.
“Market participants are trying to digest the mixed signals that Trump 2.0 bring for the trajectory for oil prices,” said Yeap Jun Rong, market strategist at IG.
“Near-term focus will be on whether his aim to fill up the U.S. strategic reserves materialises,” said Yeap, adding that attention is on his upcoming tariff policies.
