Oil prices lost the gains they had made earlier on Wednesday as the dollar strengthened.

Despite a decrease in supplies from Russia and OPEC members, along with a drop in U.S. crude inventories, these factors limited the extent of the losses.

Crude oil prices fell slightly following reports that Trump is considering declaring a nationwide economic emergency.

The average price of Brent crude is expected to decline to $76 per barrel in 2025, compared to an average of $80 in 2024.