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Trump blasts OPEC over 'artificially high' oil prices
(WebFG News) - Global oil prices fell after Donald Trump criticised the Organization of Petroleum Exporting Countries, stating that their "artificially high prices" would no longer be accepted.
OPEC recently revealed their intention to tighten oil markets and boost prices to which Trump responded via Twitter:
"Looks like OPEC is at it again. Oil prices are artificially Very High! No good and will not be accepted!"
Representatives from OPEC nations and oil ministers met in Jeddah, Saudi Arabia on Friday to discuss their agreement on cutting production to keep prices up, choosing to continue their joint efforts at maintaining the production cuts.
The price of oil has risen in recent weeks with geopolitical risks like possible US sanctions on Iran.
Head of research at London Capital Group Jasper Lawler said: "On Friday, oil prices rolled over from three-year highs. US President Donald Trump has found another financial market to tweet about.
"The Donald tweeted that OPEC has pushed oil prices artificially high. It's hard to argue against, that's the purpose of forming a cartel. It won't have escaped Trump's attention that rising gasoline prices can quickly eclipse any financial benefits to rust belt America from his tax cuts.
"The question is whether Trump has more than bluster on Twitter to impact the oil price. He probably does, but these tools are already in use. The US government has already opened up drilling rights on and offshore and US production is soaring as a result, adding to supply to the market.
A barrel of brent crude is currently trading at $73.28, while a barrel of West Texas crude was trading around $68 on Friday.