In the early morning of the 7th Beijing time, US WTI crude oil futures closed down slightly on Wednesday. Investors are weighing the potential impact of a strong dollar and Trump's foreign policy on global oil supply.

West Texas Intermediate (WTI) futures for December delivery on the New York Mercantile Exchange closed down $0.30, or 0.42%, to close at $71.69 a barrel.

Trump's election once triggered a large-scale sell-off in the crude oil market, causing oil prices to drop by more than $2 per barrel in the intraday period, and then the decline gradually narrowed.

John Kilduff, partner at Again Capital in New York, said people were overreacting to the election results. Trump's victory could lead to some degree of excess oil drilling in the US.

He added, “But a calm mind prevails, and this market faces a lot of problems.” He also pointed out that the continuation of the war in the Middle East is a factor supporting the rise in oil prices because it may put pressure on supply.

UBS analyst Giovanni Staunovo said that Trump's re-election may also mean that sanctions against Iran and Venezuela will be extended, limiting the supply of crude oil in the market, which will help support oil prices.

Iran is an OPEC member and produces around 3.2 million barrels per day, accounting for 3% of global production.