U.S. President Donald Trump yesterday expressed concern about oil prices and repeated his previous calls on the Organization of the Petroleum Exporting Countries (OPEC) to keep prices steady.
On Monday, oil prices edged up amid political uncertainty and sanctions and involuntary curbs on several producers but could face pressure from continued anxiety over the global economy and record U.S. exports, according to Reuters.
“Oil prices are getting too high. OPEC, please relax and take it easy. World cannot take a price hike – fragile!” Trump, whose administration has sanctioned crude from Iran and Venezuela, tweeted.
OPEC members and non-OPEC producers such as Russia are leading efforts to rebalance the market and support oil prices.
Trump, who has made the U.S. economy one of his top issues, has repeatedly tweeted about oil prices and OPEC, airing complaints about higher prices, including ahead of the organizations meeting in December.
Some media reports say oil took a leg lower after Trump’s tweet. West Texas Intermediate crude for December delivery US: CLZ8 was reportedly down 9 cents, or 0.2%, at $60.10 a barrel on the Nymex but had been as high as $61.28 at its peak intraday Monday.
