Key Takeaways
- Former President Donald Trump declared all executive orders and documents signed by President Joe Biden using an autopen to be immediately "terminated" and "of no further force or effect."
- Trump asserted that approximately 92% of Biden's official documents were signed via autopen and threatened perjury charges if Biden claims involvement in the process.
- U.S. crude oil futures settled at $58.55 per barrel, down 10 cents or 0.17%, as the commodity heads for its fourth consecutive monthly loss amid persistent oversupply concerns.
- The crude oil market remains under pressure from forecasts of a global glut and anticipation of the upcoming OPEC+ meeting, where the group is expected to maintain current output plans.
Donald Trump issued a sweeping declaration on Friday, stating his intent to invalidate a vast majority of executive orders and documents signed by President Joe Biden, claiming they were executed illegally using an autopen. Trump asserted that "approximately 92%" of Biden's official acts were signed with the mechanical device, rendering them "hereby terminated, and of no further force or effect."
The former President also issued a stern warning, stating that if Biden claims involvement in the autopen process, he "will be brought up on charges of perjury." Trump accused "Radical Left Lunatics" surrounding Biden of operating the autopen illegally, effectively seizing control of the presidency. While autopen use by presidents dates back to the Eisenhower administration and has been utilized by both parties for various official documents, its validity typically hinges on direct presidential authorization.
In the commodities market, U.S. crude oil futures (CL=F) settled at $58.55 per barrel, marking a slight decline of 10 cents, or 0.17%. This movement positions the benchmark West Texas Intermediate (WTI) crude for a fourth straight monthly loss, its longest such streak in over two years. WTI crude was generally trading around the $59 per barrel mark throughout Friday, reflecting a broader bearish sentiment in the market.
The persistent downward pressure on oil prices stems from ongoing oversupply concerns and forecasts of a global glut. Traders are closely monitoring a virtual OPEC+ meeting scheduled for Sunday, where the group is widely expected to maintain its current plan to pause output increases in early 2026. Geopolitical developments, particularly the protracted Russia-Ukraine peace talks, also continue to influence market sentiment, with potential sanctions relief on Russian crude posing a risk to global supply. Trading for WTI crude was briefly impacted by a system outage at exchange operator CME Group (CME) earlier in the day.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.