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Futures for Brent crude oil fell to $78 per barrel, while the price of WTI crude oil fell to $74.15. This happened after US President Donald Trump called on OPEC to cut oil prices, Reuters reports.
The drop in oil prices was a market reaction to Donald Trump’s statement calling on Saudi Arabia and OPEC to reduce energy prices. The President stressed that this could be an important step to end Russia’s war against Ukraine.
Brent futures fell by 0.7%, reaching $78.0 per barrel.
US WTI also lost 0.7% to trade at $74.15 per barrel.
The decline in prices is also due to the Trump administration’s announcement of large-scale measures to increase oil and gas production in the US. This initiative is designed to reduce dependence on energy imports and help lower global prices.
Pressure on OPEC, particularly Saudi Arabia, is part of the US strategy to stabilise energy markets and weaken Russia’s influence in the context of the war against Ukraine.
