WASHINGTON, March 28 (Reuters) – U.S. President Donald Trump on Thursday called for the Organization of the Petroleum Exporting Countries (OPEC) to boost oil production to lower the price of the commodity.
“Very important that OPEC increase the flow of Oil. World Markets are fragile, price of Oil getting too high. Thank you!” Trump wrote in a post on Twitter.
Immediately following Trump’s tweet, U.S. crude oil futures fell by more than $1 to $58.33 a barrel and Brent futures were down by more than $1 to a session low of $66.76 per barrel.
Crude oil prices have risen this year amid supply cuts by OPEC as well as U.S. sanctions on OPEC member countries Venezuela and Iran. The drop in production has led to a tightening of oil inventories.
But analysts have warned oil prices would be higher by now if not for a spreading economic slowdown expected to soon start hitting fuel consumption. (Reporting by Makini Brice; Editing by Doina Chiacu and Jeffrey Benkoe)