Oil price up as Trump calls OPEC to lower prices

Oil rig
Oil rig used to illustrate the story.

Oil prices were mixed on Friday after falling in the previous session as U.S. President Donald Trump urged OPEC to lower crude prices ahead of its meeting in Algeria this weekend.

International benchmark Brent crude for November delivery was up at 79.40 dollars a barrel.

U.S. West Texas Intermediate crude for October delivery fell 8 cents to 70.24 dollars a barrel.

Mr Trump called on the Organisation of the Petroleum Exporting Countries (OPEC) to lower prices.

He said on Twitter “they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices.”

OPEC and its allies are scheduled to meet on Sunday in Algeria to discuss how to allocate supply increases to offset a shortage of Iran supplies due to U.S. sanctions.

Brent has been trading just below $80 a barrel, backed by concerns of supply shortages from looming U.S. sanctions against Iran, which are set to take effect in November.

Although supply worries have pushed up oil prices, OPEC and its allies were not likely to agree to an official increase in crude output at this weekend’s meeting, OPEC sources said.(Reuters/NAN)


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