U.S. President Donald Trump resumed his attacks on OPEC, saying the world is too fragile to handle a price hike and urging the cartel to “relax and take it easy.”
Trump’s war of words with the Organization of Petroleum Exporting Countries punctuated big price swings in 2018, as he pressured the group to keep the taps open to help consumers. His latest foray was no exception and crude erased gains in New York, sinking 1.6 percent to $56.33 a barrel.
The president’s intervention follows a price rally of about 25 percent this year due to production cuts from OPEC and its allies, diminishing fears about the economic impact of the U.S.-China trade war and Washington’s imposition of sanctions on Venezuelan oil shipments. Now pressure from Trump once again puts Saudi Arabia and the rest of OPEC in a bind. [read more]