Oil fell after US President Donald Trump said he’ll push Saudi Arabia and Opec to reduce the price of crude, reviving a tactic to control energy prices that he frequently used during his first term in office.
WTI futures slid about 1% to below $75 a barrel, while global benchmark Brent slipped below $79.
The Organization of the Petroleum Exporting Countries and its allies have been engaged in a years-long effort to support prices by curbing output. The producer group has millions of barrels a day in spare capacity that it could potentially return to the market – and it has pledged to gradually revive a chunk of this output starting in April after several delays.
“I’m also going to ask Saudi Arabia and OPEC to bring down the cost of oil,” Trump said in remarks delivered virtually to world leaders gathered in Davos on Thursday. “You’ve got to bring it down.” Opec representatives didn’t respond to requests for comment on the remarks.