Oil futures traded lower Thursday ahead of a weekly update on U.S. crude supplies, as President Donald Trump demanded that the Organization of the Petroleum Exporting Countries move to counteract a rally that has prices near 3 ½-year highs.
August West Texas Intermediate crude CLQ8, -0.24% on the New York Mercantile Exchange fell by 21 cents, or 0.3%, to $73.93 a barrel. September Brent crude LCOU8, -0.28% the global benchmark, was down 28 cents, or 0.4%, at $77.96 a barrel on the ICE Futures Europe exchange.
Trump on Wednesday again complained via Twitter about rising gas prices and said the Organization of the Petroleum Exporting Countries were doing “little to help,” and demanded that the cartel, “REDUCE PRICING NOW!”
The OPEC Monopoly must remember that gas prices are up & they are doing little to help. If anything, they are driving prices higher as the United States defends many of their members for very little $’s. This must be a two way street. REDUCE PRICING NOW!
— Donald J. Trump (@realDonaldTrump) July 4, 2018
