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OIL: Trump Keeps Pressure on OPEC+

OIL
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  • President Trump kept up his pressure on OPEC+ calling for them to ‘cut the price of oil,’ in a bid to starve Russia and halt the Ukraine war.
  • These comments were a follow up to similar comments made last week, leading to the first weekly drop for oil prices this year.
  • So far OPEC+ have stated that they intend to stick to their current plans of withholding supply to keep prices up despite sitting on huge supply surpluses.
  • WTI finished Friday at US$74.59 bbl and early trade in Asia is seeing the decline continue with early prices at $74.20
  • Brent finished Friday at US$78.36 and is trading at $78.07 at the open.
  • Some support to prices may be found as further news evolves of Ukraine’s attack on Russia’s Ryazan region, home to one of the country’s largest oil refineries. 
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  • President Trump kept up his pressure on OPEC+ calling for them to ‘cut the price of oil,’ in a bid to starve Russia and halt the Ukraine war.
  • These comments were a follow up to similar comments made last week, leading to the first weekly drop for oil prices this year.
  • So far OPEC+ have stated that they intend to stick to their current plans of withholding supply to keep prices up despite sitting on huge supply surpluses.
  • WTI finished Friday at US$74.59 bbl and early trade in Asia is seeing the decline continue with early prices at $74.20
  • Brent finished Friday at US$78.36 and is trading at $78.07 at the open.
  • Some support to prices may be found as further news evolves of Ukraine’s attack on Russia’s Ryazan region, home to one of the country’s largest oil refineries.