WTI crude oil prices fell to trade below $63 after Trump turned his attention towards OPEC, directing them to increase oil production to offset Iranian oil exports on which the US has imposed sanctions.
The prices fell by over 1% at the close of last week, ending crude oil’s eight-week long bullish run. Oil prices had been trading higher since the beginning of 2019 over OPEC’s decision to restrict oil production by 1.2 million bpd.
The oil supply cut by OPEC, coupled with sanctions of Venezuala and now, completely on Iran as well, had put significant pressure on oil buyers worldwide. On Friday, however, news reports came out suggesting that Trump had held discussions with OPEC to ensure adequate supply in markets in a bid to keep prices in check.
At the time of writing, WTI has been trading at around $62.98.