ShippingWatch

Trump presses OPEC to reduce oil prices as Brent nears USD 80

The oil price retreated as US President Donald Trump again criticized OPEC in a tweet, saying that the cartel "must get prices down now!" Brent crude prices almost reached USD 80 per barrel this week.

Photo: Bloomberg

Oil retreated after US President Donald Trump resumed his criticism of OPEC, saying on Twitter that the cartel "must get prices down now!" as the global benchmark crude flirted with USD 80-a-barrel earlier this week.

Futures dropped 0.9 percent in London and 0.5 percent in New York on Thursday. Trump's intervention in the oil market follows indications from Saudi Arabia that USD 80 is an acceptable price level as Iran grows increasingly isolated because of US sanctions. OPEC and allied producers will meet in Algeria this weekend to discuss production targets.

Read the whole article

Get 14 days free access.
No credit card required.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Alphaliner: HMM set to go private in 2022

The South Korean state is reportedly prepared to divest container line HMM after having rescued the company from bankruptcy in 2016. According to Alphaliner, South Korea's central administration has confirmed a plan to privatize the carrier in 2022.

400 people risk being laid off at Seadrill

Once the contracts for two of Seadrill's drilling rigs expire, around 400 of the company's 1,050 employees are at risk of losing their jobs, reports media. Labor union expects the carrier to announce dismissals prior to Christmas.

Further reading

Related articles

Latest news

See all jobs