Crude Oil Prices Drop by 2 Percent After Trump’s Energy Executive Actions

Some experts say prices dropped because global oil markets are paying attention to President Donald Trump’s ‘drill, baby, drill’ pledge.

A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, on June 9, 2016. Richard Carson/Reuters

Crude oil prices tumbled more than 2 percent during the Jan. 21 trading session as financial markets monitored President Donald Trump’s cavalcade of energy-related executive orders.

West Texas Intermediate (WTI), the U.S. benchmark for oil prices, declined by as much as 2.5 percent to below $76 per barrel on the New York Mercantile Exchange.