Crude Oil prices drop below $74 as US pressures OPEC+ for lower costs
Crude oil prices fell in early Monday trading, dropping below the $74 level for the first time in over two weeks. The price per barrel came under pressure as the new US President called on OPEC+ to lower oil prices. Donald Trump stated that member nations of the cartel should take measures to reduce oil prices, arguing that this would harm Russia’s economy and compel Moscow to be more amenable to negotiating an end to the war in Ukraine. Meanwhile, Colombia, whose oil exports had been under scrutiny following a standoff with the US over the return of illegal immigrants, announced it had accepted the terms set by Washington. With the new US administration prioritising lower energy costs, there may be further room for a decline in oil prices.
Ricardo Evangelista – Senior Analyst, ActivTrades
Source: ActivTrader
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