Oil prices fall further after Trump’s crude remarks
The US president called on Opec to boost output to plug the gap left by his sanctions against Iran
Seoul — Oil prices dipped on Friday after falling in the previous session as US President Donald Trump urged cartel Opec to lower crude prices ahead of its meeting in Algeria this weekend. International benchmark Brent crude for November delivery was down 3c at $78.67 a barrel by 2.07am GMT. US West Texas Intermediate crude for October delivery fell 16 cents to $70.16 a barrel. Trump called on the Organisation of the Petroleum Exporting Countries (Opec) to lower prices, saying on Twitter "they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices". Opec and its allies are scheduled to meet on Sunday in Algeria to discuss how to allocate supply increases to offset a shortage of Iran supplies due to US sanctions. Stephen Innes, head of trading for Asia-Pacific at Oanda in Singapore, said Trump’s remarks just days before the Opec meeting put "a focus on the likely supply impacts of US-led Iran sanctions". "The market had until that p...
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