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Oil Prices Rebound After Trump Tweet Turmoil
Oil prices recovered on Wednesday in Asia after losing more than 3% earlier this week when U.S. President Donald Trump tweeted that prices were “getting too high.”
U.S. Crude Oil WTI Futures was up 0.8% to $55.94 by 11:00 PM ET (04:00 GMT). London-traded Brent Oil Futures gained 0.5% to $66.59.
Citing an Organization of the Petroleum Exporting Countries (OPEC) source, Reuters reported on Tuesday that the international cartel and its allies planned to stick to their oil supply cuts despite Trump's tweet. The news was cited as supporting oil prices today.
"Crude oil has been rising lately, not due to strong growth and rising demand but primarily due to a politically orchestrated cut in production from OPEC and friends," said Ole Hansen, head of commodity strategy at Denmark's Saxo Bank, in a Reuters report.
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Oil Prices Rebound After Trump Tweet Turmoil
Oil prices recovered on Wednesday in Asia after losing more than 3% earlier this week when U.S. President Donald Trump tweeted that prices were “getting too high.”
U.S. Crude Oil WTI Futures was up 0.8% to $55.94 by 11:00 PM ET (04:00 GMT). London-traded Brent Oil Futures gained 0.5% to $66.59.
Citing an Organization of the Petroleum Exporting Countries (OPEC) source, Reuters reported on Tuesday that the international cartel and its allies planned to stick to their oil supply cuts despite Trump's tweet. The news was cited as supporting oil prices today.
"Crude oil has been rising lately, not due to strong growth and rising demand but primarily due to a politically orchestrated cut in production from OPEC and friends," said Ole Hansen, head of commodity strategy at Denmark's Saxo Bank, in a Reuters report.
For More Information Contact Us-9719026661
https://api.whatsapp.com/send?phone=919720003255
www.royaltraders.co
Best Accuracy Of RoyalTraders
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