Oil drops again after Trump tweets against production cuts
Oil prices are falling again, this time helped lower by a tweet from President Donald Trump.
The presidential tweet Monday was in response to news that OPEC, led by Saudi Arabia, and allies including Russia were signaling willingness to consider production cuts to stem a six-week slide in crude prices.
“Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!” Trump tweeted Monday afternoon.
Oil prices were up slightly at the time but soon went south.
Benchmark U.S. crude dropped 0.4 percent to settle at $59.93 a barrel in New York, the 11th straight loss. Brent crude, the standard for pricing international oil, slipped 0.1 percent to close at $70.12 a barrel in London.