Oil fell, reversing earlier gains, after President Donald Trump said he’ll push Saudi Arabia and OPEC to reduce the price of crude.
West Texas Intermediate futures slid 0.9% to below $75 a barrel, while global benchmark Brent slipped below $79. WTI had earlier climbed as much as 0.7% to $76.
“I’m also going to ask Saudi Arabia and OPEC to bring down the cost of oil,” Trump said in remarks delivered virtually to world leaders gathered in Davos Thursday. “You’ve got to bring it down.”
Oil prices down 1% after Trump’s Davos speech
Crude oil prices fell by more than 1% on Thursday after United States President Donald Trump said that he will urge Saudi Arabia’s Crown Prince Mohammed bin Salman and OPEC to lower the cost of oil, noting that the lowered prices could bring an end to the conflict between Russia and Ukraine. The prices were also driven down by yesterday’s report by the American Petroleum Institute which showed that the number of inventories in the US increased by one million barrels in the week ending January 16.
West Texas Intermediate for March settlements decreased by 1.10% at 11:49 am ET, going for $74.61 per barrel. Brent for the same month’s deliveries declined by 1.04% at the same time, selling at $78.26 a barrel.