Oil Prices Down After Trump Urges OPEC to Increase Production Output - Forex News by FX Leaders

Oil Prices Down After Trump Urges OPEC to Increase Production Output

Posted Monday, April 29, 2019 by
Arslan Butt • 1 min read

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.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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