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.

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