Oil Prices Fall More Than 2% After US President Urged OPEC Not to Cut Supply

November 13, 2018

Oil prices fell more than 2% on Tuesday after U.S. President Donald Trump put pressure on OPEC not to cut supply to prop up the market.

Brent dropped by US $1.97 a barrel, or 2.8%, to US $68.15; while U.S. light crude dropped by US $1.3 to US $58.63.

President Donald Trump has made it clear he wants oil prices to fall.

“Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!” the president said in a Twitter post on Monday.

That led to a sharp price drop on Monday and the sell-off continued into Tuesday.