Oil prices stabilized after a volatile trading session due to the impact of Donald Trump's election victory and a significant increase in U.S. crude inventories.
The West Texas Intermediate (WTI) crude was trading below $72 a barrel after experiencing a nearly $3 fluctuation, ultimately closing slightly lower. Meanwhile, Brent crude settled near $75.
The election outcome resulted in the largest surge in the U.S. dollar since September 2022, which put downward pressure on commodities. Additionally, commercial crude stockpiles rose by 2.15 million barrels, reaching their highest level since August, indicating a potential oversupply in the market.