Oil closes lower, Brent below $80

21/01/2025 Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices deepened losses today, Jan. 21, after US President Donald Trump declared an energy emergency with the aim to lower prices and boost US production.

 

Brent crude futures for March delivery fell 1%, or 86 cents, to close at $79.29 a barrel.

 

WTI crude futures for February delivery (the contract expires today) lost 2.55%, or $1.99, to $75.89 a barrel.

 

In his inaugural address, Trump said his administration would move to replenish the strategic petroleum reserve, and issued an executive order declaring a national energy emergency to speed up oil and gas production.

 

Meanwhile, China National Petroleum Corporation Research Institute expects the country's dependence on oil imports to remain at around 70% between 2026 and 2030, and it is expected to import about 11.18 million barrels per day of crude oil this year.

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