Markets > Commodities

Oil snaps winning streak after call to get prices down

Xinhua Financein NEW YORK
2018-09-21 08:58

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Global oil prices snapped a three-day winning streak on Thursday after U.S. President Donald Trump criticized OPEC member states for pushing for higher prices.

Trump, via Twitter, urged the Organization of the Petroleum Exporting Countries (OPEC) to "get prices down now!"

The OPEC and non-OPEC producers, including Russia, are scheduled to meet on Sunday in Algeria to discuss how to allocate supply increases to offset the loss of Iranian output.
The upcoming meeting is unlikely to yield a formal decision on adjustment of crude oil output, according to market analysts.

The West Texas Intermediate (WTI) for October delivery fell 0.32 U.S. dollar to settle at 70.8 dollars a barrel on the New York Mercantile Exchange, while Brent oil for November delivery sank 0.88 percent to 78.7 dollars per barrel on the London ICE Futures Exchange.
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