OIL FALLS AS TRUMP REITERATES CALL FOR OPEC TO CUT PRICES
Oil prices were reduced earlier today after U.S. President Donald Trump called on the Organization of Petroleum Exporting Countries (OPEC) to reduce prices following the announcement of wide-ranging measures to boost U.S. oil and gas output in his first week in office.
Brent crude futures dropped 53 cents, or 0.68%, to $77.97 a barrel by 04:30 GMT after settling up 21 cents on Friday.
U.S. West Texas Intermediate crude was at $74.16 a barrel, down 50 cents, or 0.67%.
Trump repeated his call for OPEC to cut oil prices to hurt oil-rich Russia’s finances and help bring an end to the war in Ukraine.
One way to stop it quickly is for OPEC to stop making so much money and drop the price of oil … That war will stop right away,” the president stated.
