Oil prices mingle as Trump calls for OPEC to lower prices

SEOUL (Reuters) – Oil prices were mixed Friday after falling in the previous session as US President Donald Trump urged OPEC to lower crude prices before meeting in Algeria this weekend.

Brent International benchmark for November delivery LCOc1 was up 5 cents to 78.75 dollars a barrel at 0424 GMT.

US crude West Texas Intermediate for October delivery CLc1 fell 8 cents to 70.24 dollars a barrel.

Trump called on the Organization of Petroleum Exporting Countries (OPEC) to lower prices, claiming on Twitter that they would not be safe for very long without us, and yet they continue to claim oil prices from higher and higher.

OPEC and its allies are scheduled to meet in Algeria on Sunday to discuss how to spread the increases over time. offer to offset the shortage of supplies in Iran because of US sanctions.

Stephen Innes, director of Asia-Pacific trading at OANDA in Singapore, said Trump's remarks, a few days before the OPEC meeting, "focus on the likely impact of Iranian sanctions driven by United States.

"Until then, the market was trading fluidly assuming that Saudi Arabia was now comfortable with Brent at $ 80 or more, which is challenging the position of long time Brent. added.

Brent is trading at just under $ 80 a barrel, buoyed by fears of supply shortages due to impending US sanctions against Iran, which are expected to come into effect in November.

"Iranian crude exports are coming in earlier and are bigger than expected, at a time when seasonal demand is strong. As unused capacity has also fallen sharply, the market remains exposed to supply-driven price shocks, "says a report by ANZ Bank.

Although concerns over supply pushed up oil prices, OPEC and its allies were unwilling to agree to an official increase in crude oil production at this weekend's meeting. OPEC sources.

Chart: Iran's crude oil exports to major destinations (tmsnrt.rs/2MHIDAt)