Oil Prices Stabilize, after Trump’s Tweet Criticizing OPEC

Oil prices edged up on Friday, stabilizing after an earlier slide driven by U.S. President Donald Trump’s criticism of OPEC’s role in pushing up global oil prices.

Brent crude oil futures gained 28 cents, or 0.4 percent, to settle at $74.06 per barrel. West Texas Intermediate crude futures for delivery in June, the most active U.S. contract, were up 7 cents at $68.40. The May WTI contract, which expired on Friday, gained 9 cents, or 0.1 percent, to settle at $68.38.

“Looks like OPEC is at it again,” Trump tweeted.

“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!”

Since early 2017, the Organization of the Petroleum Exporting Countries and its allies have curbed output in the hopes of eliminating a global oil glut.

OPEC Secretary-General Mohammad Barkindo said that the organization does not have a price objective, but that it is working to restore stability to oil markets.

Earlier this week, both Brent and WTI hit their highest levels since November 2014, at $74.75 and $69.56 per barrel respectively, buoyed by geopolitical risk and a tightening market. For the week, both benchmarks gained over 1 percent.

The United States has until May 12 to decide whether it will leave the nuclear deal, which would further tighten global supplies.

U.S. drillers added oil rigs for the third consecutive week in the week to April 20 bringing the total count to 820, the highest since March 2015, according to General Electric’s Baker Hughes energy services firm.