Crude oil prices fell slightly Monday after U.S. President Donald Trump blasted OPEC for artificially boosting oil prices.
On Fox News, Trump said OPEC is manipulating the oil markets. He later Tweeted: “Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil and dysfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference. Prices too high! He has agreed!”
Subsequently, a Reuters survey showed Saudi Arabia has boosted supplies to a near-record 10.7 million barrels per day (bpd).
Traders also kept an eye on the looming new U.S. sanctions against Iran after Trump piled pressure on close U.S. allies to stop doing business with Iran.
WTI light sweet oil was down 10 cents at $74.08 an ounce, staying near last week’s 4-year peak.
As U.S. tariffs on $34 billion of Chinese products take effect on July 6, China is expected to retaliate with duties of its own on American goods.