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BCN-18
US-OIL-PRICES-OPEC
Trump presses OPEC to boost output to cool oil prices
NEW YORK, March 29, 2019 (BSS/AFP) – US President Donald Trump on Thursday
called on OPEC to boost oil output following a fairly steady rise in crude
prices in 2019.
“Very important that OPEC increase the flow of Oil. World Markets are
fragile, price of Oil getting too high. Thank you!” Trump said on Twitter at
around 1230 GMT.
Oil prices took a brief, sharp turn downward after the statement before
recovering somewhat.
Near 1300 GMT, US oil benchmark West Texas Intermediate for May delivery
was down 88 cents at $58.53 a barrel on the New York Mercantile Exchange.
Since becoming president, Trump has periodically put pressure the
Organization of the Petroleum Exporting Countries to open the taps to add
more supply to the market and lower prices.
OPEC in December reached a deal to with Russia and some other producers to
limit output to shore up prices.
Since January, US oil futures have risen 28.6 percent while oil futures in
London have gained 23.9 percent.
BSS/AFP/HR/1002