This Donald Trump tweet caused oil prices to fall as OPEC reacts

- 7/07/2018
We all know how the 45th President of the United States likes to use his Twitter account  to make his point about  important global issues. He can be quite outspoken in person and online, but his tweets have always caused some serious reactions, whether it's a typo, or a tweet about an escalating global problem like rising Oil prices.

US President Donald Trump tweet
On Thursday, one of his posts recieved a powerful reaction. President Donald Trump sent a  tweet demanding that OPEC cut prices for crude.
It seemed to work, as soon after, oil prices went down all over the world.

The escalating trade row between Washington and Beijing also cast a shadow over markets, with China warning it could introduce duties on U.S. crude imports at an as yet unspecified date.

Brent crude futures LCOc1 were at $77.68 per barrel at 0405 GMT, down 56 cents, or 0.7 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 29 cents, or 0.4 percent, at $73.85 per barrel.

In his usual blunt way, Trump on Wednesday accused the Organization of Petroleum Exporting Countries (OPEC) of driving up fuel prices.
Here's the tweet that caused the reaction: 

“The OPEC Monopoly must remember that gas prices are up & they are doing little to help,” Trump wrote on his personal Twitter account. “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,” he wrote, adding in block capitals, “REDUCE PRICING NOW!”

Over the years, Oil prices have often been a controversial topic as its fluctuations cause great friction between Importing and Exporting countries. But the more recent problems began in 2017 when OPEC, together with a group of non-OPEC producers led by Russia started to withhold output to prop up prices.

Also The US announcement of it's plans to saction crude imports from Iran also played a role in the oil price hike.

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