Oil price declines by 3% after Trump tweet
February 26, 2019 | Investopaper
Oil prices declined by more than 3 percent on Monday after Donald Trump tweeted about the high prices of oil.
“Oil prices getting too high. OPEC, please relax and take it easy. World cannot take a price hike – fragile!” Trump tweeted in the early morning.
Donald Trump through his tweet urged OPEC to lower the cost of crude. This has put the pressure on the OPEC to soften its price-boosting output cuts.
The oil-producing group had agreed to cut 1.2 million barrels per day from the market after oil prices sank more than 40 percent in the final quarter of 2018.
Trump has not tweeted about OPEC since early December. Trump has repeatedly tweeted about OPEC in the past and has said that oil should not sell for more than $40 a barrel and should ideally trade at $25.
