Oil is cheaper after Trump's statements

World oil prices are down Thursday morning after the US President Donald Trump called on OPEC countries to reduce gasoline prices, RIA Novosti reported with reference to the auction.

The cost of September futures for the North sea oil mixture of Brent decreased by 0.7% to 77.69 dollars per barrel, August futures for WTI oil by 0.34% to 73.89 dollars per barrel.

Oil prices are in the red zone after Trump in his Twitter said that OPEC raises gasoline prices, and urged the organization to reduce them. Earlier, Trump told the media that OPEC manipulates the oil market and should stop it. The us President also noted that OPEC should increase production by 2 million barrels per day.

In the course of trading on Thursday, the oil market may be affected by data from the us Department of energy on the country's raw materials reserves. Analysts believe that commercial reserves (excluding the strategic reserve) for the past week decreased by 5.2 million barrels, or 1.3% — to 411.4 million barrels.

Analysts of National Australia Bank (NAB), whose opinion is quoted by Reuters, predict that in the next few months the price of Brent oil will be in the range of 75 to 80 dollars per barrel. "However, a significant increase in production by OPEC+ countries may push prices to decrease later this year," the experts added.

Related news

2014