Oil prices plunged more than 3 percent on Monday after US President Donald Trump urged OPEC to control rising oil prices.
“Oil prices getting too high. OPEC, please relax and take it easy. World cannot take a price hike - fragile!” Trump said in a tweet on Monday.
International benchmark Brent crude futures closed $2.36 (- 3.5 percent) on $64.76 a barrel on Monday after hitting $67.73 a barrel last Friday, the highest since mid-November.
US West Texas Intermediate (WTI) crude futures fell $1.78 (- 3.1 percent) at $55.48 a barrel after reaching a three-month high of $57.81 a barrel last Friday.
However, Brent and WTI were trading flat on Tuesday morning, at $64.71 and $55.27 a barrel.
Crude prices have surged more than 25 percent this year following OPEC+ decided to cut production, US-China expected to resolve trade dispute and Washington's proposed "tougher" oil sanctions on Venezuela.
Trump has taken on the OPEC for quite some time, tweeting over higher oil prices, asking the oil group to increase production to control scaling prices.
Argaam has compiled a list of his tweets on OPEC below:
1) February 25, 2019
Oil prices getting too high. OPEC, please relax and take it easy. World cannot take a price hike - fragile!
— Donald J. Trump (@realDonaldTrump) February 25, 2019
2) November 21, 2018
Oil prices getting lower. Great! Like a big Tax Cut for America and the World. Enjoy! $54, was just $82. Thank you to Saudi Arabia, but let’s go lower!
— Donald J. Trump (@realDonaldTrump) November 21, 2018
3) November 12, 2018
Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!
— Donald J. Trump (@realDonaldTrump) November 12, 2018
4) September 20, 2018
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!
— Donald J. Trump (@realDonaldTrump) September 20, 2018
5) July 5, 2018
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
6) June 30, 2018
Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference...Prices to high! He has agreed!
— Donald J. Trump (@realDonaldTrump) June 30, 2018
7) June 13, 2018
Oil prices are too high, OPEC is at it again. Not good!
— Donald J. Trump (@realDonaldTrump) June 13, 2018
8) April 20, 2018
Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted!
— Donald J. Trump (@realDonaldTrump) April 20, 2018
9) May 2, 2013
Oil should not cost more than $40 a barrel. Ideally it should be $25. Cheap to produce and we protect the OPEC countries.
— Donald J. Trump (@realDonaldTrump) May 1, 2013
10) August 10, 2011
Oil is starting to rise again despite the horrible times. OPEC continues to rip us off. Not worth $30. New leadership needed.
— Donald J. Trump (@realDonaldTrump) August 10, 2011
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