Oil prices drop after Trump tweet criticizing OPEC

Domestic oil prices dropped Friday morning after President Trump slammed the Organization of Petroleum Exporting Countries (OPEC) for allegedly inflating prices.

“Looks like OPEC is at it again,” Trump wrote on Twitter. “Oil prices are artificially Very High! No good and will not be accepted!”

Trump went on to say that there are “record amounts of oil all over the place, including the fully loaded ships at sea.”

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West Texas Intermediate crude oil futures for June delivery, the main domestic benchmark price, fell as much as 1 percent, or 71 cents from the end of trading Thursday, to $67.62 per barrel on the New York Mercantile Exchange following Trump’s tweet.

Brent crude, the main international benchmark, fell about 0.7 percent, to $73.29 per barrel.

Prices are still far below 2014 levels, which were above $100 per barrel.

The tweet came as OPEC and Russia are showing signs of cooperation toward restricting supplies of oil, which would send prices up, Bloomberg News reported.

Energy ministers in OPEC countries pushed back on Trump’s tweet, saying prices are not artificially high.

“We are doing our role to correct the market,” United Arab Emirates Oil Minister Suhail Al Mazrouei said, according to Reuters.

“There are many things affecting the market, not just supply and demand,” he continued, a sentiment echoed by Saudi Energy Minister Khalid al-Falih.