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Crude oil futures end lower as Trump reiterates pledge to boost production

07 Feb 2025 Evaluate

Crude oil futures ended lower on Thursday as President Donald Trump repeated his pledge to increase U.S. oil production in an effort to lower prices. Further, an uptick by the value of the U.S. dollar also weighed on oil prices along with yesterday's report showing a sharp increase by U.S. crude oil inventories in the week ended January 31st.

Benchmark crude oil futures for March fell $0.42 or 0.59 percent to settle at $70.61 a barrel on the New York Mercantile Exchange. Brent crude for April delivery dropped $0.32 or 0.42 percent to settle at $74.29 a barrel on London's Intercontinental Exchange.