Crude oil futures fell after President Trump’s remarks urging OPEC and Saudi Arabia to decrease oil prices to mitigate the impact of the Ukraine war. U.S. crude dropped by 1.13%, while Brent crude fell by 0.92%.

On Thursday, crude oil futures experienced a decline following President Donald Trump’s announcement that he intends to request Saudi Arabia and OPEC to lower oil prices. During his address at the World Economic Forum, Trump asserted that the rising oil prices contributed to the ongoing conflict in Ukraine, stating that a reduction could potentially lead to an immediate end to the war.

Oil prices are predominantly influenced by global supply and demand dynamics, with OPEC and its allies, including Saudi Arabia, playing crucial roles in regulating production levels. Recently, these countries have restricted output by 2.2 million barrels per day to prevent prices from collapsing. Trump’s focus on oil price reduction arises from heightened geopolitical tensions and economic concerns linked to energy costs.

In summation, President Trump’s comments resulted in a drop in oil prices as he urged Saudi Arabia and OPEC to consider reducing prices in response to the escalating conflict in Ukraine. The ongoing production cuts by OPEC+ continue to shape market conditions, influencing both supply dynamics and international relations in the energy sector.

Original Source: www.cnbc.com

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