Oil prices drop on Trump’s tweet to OPEC

Oil prices slipped yesterday following President Donald Trump’s tweet urging the Organisation of the Petroleum Exporting Countries (OPEC) to keep crude prices lower because of the military protection the United States provides for the region.

“The OPEC monopoly must get prices down now,” Trump insisted in the message. Futures prices for West Texas Intermediate crude, the U.S. benchmark, dipped slightly following the tweet before recovering and then retreating once again to trade roughly flat.

On Wednesday, WTI climbed back above $70 a barrel. The price of oil is up seven per cent in the last month and nearly 18 percent for 2018. OPEC members will meet this weekend with non-OPEC producers such as Russia to discuss production levels.

Source: The Nation

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