- US President Trump tells OPEC to reduce oil prices on Thursday.
- Iran's Zanganeh says Brent at $80 is acceptable.
After rising to its highest level since July 13 at $71.50 on Wednesday, the barrel of West Texas Intermediate reversed its course on Thursday and fell below the $71 mark. As of writing, the barrel of WTI was trading at $70.46, losing 1.35%, or $1, on the day.
Earlier today, the U.S. President Donald Trump criticised the OPEC for keeping oil prices high in a tweet that read: "We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember. The OPEC monopoly must get prices down now!"
Meanwhile, ahead of the OPEC+ meeting in Algiers this weekend, Iran's Oil Minister Zanganeh told reporters that he would veto OPEC decision that would harm Iran's interests and claimed that OPEC+ wouldn't be able to make a decision on oil output quotas in this weekend's meeting. Regarding Brent oil prices, Zanganeh stated that $80 per barrel would be a suitable price.
On Friday, Baker Hughes is going to publish its oil rig count data. The EIA's weekly report yesterday revealed that gasoline production in the U.S. declined slightly while crude oil stocks decreased by 2.1 million barrels.
Technical levels to consider
The initial support for the WTI aligns at $70 (psychological level) ahead of $68.50 (Sep. 18 low) and $67.50 (Sep. 11 low). On the upside, resistances are located at $71.50 (Sep. 19 high), $72.90 (May 22 high) and $74 (Jun. 28 high).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD holds above 1.0750 to start the week
EUR/USD trades in positive territory above 1.0750 in the European session on Monday. The US Dollar struggles to find demand following Friday's disappointing labor market data and helps the pair hold its ground.
GBP/USD clings to small gains above 1.2550
Following Friday's volatile action, GBP/USD edges highs and trades in the green above 1.2550. Soft April jobs report from the US and the modest improvement seen in risk mood make it difficult for the US Dollar to gather strength.
Gold price rebounds on downbeat NFP data, eyes on Fedspeak
Gold price (XAU/USD) snaps the two-day losing streak during the European session on Monday. The weaker-than-expected US employment reports have boosted the odds of a September rate cut from the US Fed.
Bitcoin Cash could become a Cardano partnerchain as 66% of 11.3K voters say “Aye”
Bitcoin Cash is the current mania in the Cardano ecosystem following a proposal by the network’s executive inviting the public to vote on X, about a possible integration.
Week ahead: BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.