Oil prices are declining amid market caution ahead of Trump's inauguration

Oil prices are showing a decline at the beginning of the week, as market participants prefer to be cautious ahead of the inauguration of the new US President Donald Trump.

According to informed sources, immediately after the inauguration, Trump plans to use special powers in the energy sector to accelerate the implementation of his program to increase domestic energy production. Earlier, he announced his intention to promptly impose trade duties on imports from China, Canada and Mexico, as well as tighten restrictions on Iran.

The price of March futures for Brent crude oil decreased by 0.19%, reaching $80.30 per barrel. WTI crude futures also showed a decrease of $0.05, their price was $76.92 per barrel.

Nevertheless, over the past week, both oil brands have completed trading with positive dynamics. Brent and WTI showed growth of 1.3% and 1.7%, respectively, which was facilitated by new sanctions against the Russian energy sector.