Oil began to “peel off” after comments from Trump
Oil began to “peel off” after comments from Trump: Tyler Richey Quoted in Morningstar
Oil at 2-week low as Trump’s efforts to lower crude prices imply a boost in output
Oil began to “peel off” after comments from Trump suggested that the Organization of the Petroleum Exporting Countries may raise oil production, Tyler Richey, co-editor at Sevens Report Research, told MarketWatch.
In part due to the president’s “America First global policy stance,” Richey said, “the world knows that he wouldn’t hesitate to inflict economic pain on nations with policies in place that are not aligned with our domestic best interests. That includes major oil-producing countries like Saudi Arabia, which has been the de facto leader of OPEC since its inception.”
He continued: “The last thing Saudi Arabia wants right now, though, is lower oil prices amid their already subdued output, so they would not be likely to roll over and open the spigots without some sort of concessions – whether it be military [or] defense assets … or some other promise of U.S. investment in Saudi Arabia.”
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