Oil fell in New York after U.S. President Donald Trump criticized OPEC and said crude prices are “artificially Very High.”
The comments came as the Organization of Petroleum Exporting countries and allies including Russia showed willingness to further tighten oil markets and boost prices.
“Looks like OPEC is at it again,” Trump said on Twitter. “Oil prices are artificially Very High! No good and will not be accepted!”
Oil has rallied in recent weeks as output cuts from OPEC and its allies were compounded by heightened geopolitical risks, including the possibility of renewed U.S. sanctions on Iran. Meeting in Jeddah, a committee of OPEC and other oil producers found high levels of compliance with the production curbs. Still, there’s capacity for prices to rise beyond this week’s three-year high, according to Saudi Energy Minister Khalid Al-Falih, who said cooperation between producers would continue into 2019.
West Texas Intermediate crude for May delivery erased gains to trade 0.5 percent lower at $67.93 a barrel as of 7:29 a.m. in New York. That contract expires on Friday. The more active June contract fell 0.2 percent to $68.17 a barrel.
Brent crude for June delivery fell about 30 cents at the time of the tweet, and traded down 0.6 percent at $73.35 a barrel. Both benchmarks are still set for weekly gains.