January 27, 2025 04:59 GMT
OIL: Trump’s OPEC+ Focus Sees Oil Down.
OIL
- 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 declining further to $74.11.
- Brent finished Friday at US$78.36 and is trading at $78.07 at the open, then declining further to a low of $77.54.
- Brent had a minor recovery in the afternoon gaining to $77.93.
- 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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