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.
Already a subscriber? Log in.
Read the whole article
Get 14 days free access.
No credit card required.
- Access all locked articles
- Receive our daily newsletters
- Access our app
Get full access for you and your coworkers.Start a free company trial today
Your trial for ShippingWatch has now started
With your free trial you get:
Full access to all locked articles on ShippingWatch.
Daily newsletter and ongoing top-newsletters. You can unsubscribe and subscribe to our newsletters anytime.
When your trial period expires
You will not be transferred to a paid subscription.
You will continue to receive our newsletters after the trial period expires. You can unsubscribe at the bottom of each newsletter.