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West Texas Intermediate crude futures in the United States held up well this week. They rebounded after a sell-off earlier this week to reach a new high for the year on Friday. The weakness of the start of the week was fueled by President Trump's comments, while the late start of the week was helped by stronger US economic data than expected.
The absence of developments in US-China trade relations has sometimes weighed on prices while increasing US production. However, both concerns were offset by OPEC-led production cuts, which continued to tighten global supply, as well as an unexpected decline in crude oil inventories in the United States. United.
Trump unhappy with production cuts led by OPEC
The week began with WTI oil prices falling more than 3% on Monday after President Trump publicly urged OPEC to lower crude oil prices.
"Oil prices are getting too high. OPEC, relax and calm down. The world can not take a price hike – fragile! "Trump said in an early tweet in the morning.
Trump's tweet followed the OPEC-led production cuts that began on January 1 and were effective enough to reduce the glut of global supply. The OPEC and its main ally, Russia, met in mid-April to discuss the agreement, which is expected to last until the first half of 2019.
Saudi oil minister dismisses Trump comments
Crude oil prices stabilized mid-week after Saudi Energy Minister Khalid al-Falih said that OPEC was taking a measured approach …
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