The price of oil fell 1% after Twitter trump

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Donald trump continues to impress global markets. Today, the President of the United States in his message on the social network Twitter immediately urged OPEC to reduce oil prices. And the price of North sea Brent has responded to this post a decline of 1.1%, to $78,8 per barrel.
Donald trump is not the first time allows himself to extravagant statements. His posts to Twitter every time to pursue certain goals and the time of their appearance by chance.
In this case, a message intended to influence the cartel ahead of the meeting of the Ministerial monitoring Committee of OPEC+ on September 23 in Algiers. The meeting next Sunday will be crucial for oil prices, because among other things it is planned to discuss the renewal of the agreement to reduce production quotas.
In particular, one of the questions – how will be compensated the drop-down mining of Venezuela and Iran after the imposition of sanctions on that country from the 4th of November? It is significant that the meeting will be attended by a majority of representatives from 25 countries participating in the agreement. Recall that the current OPEC agreement+ up to the end of the year, and the next OPEC meeting will take place on 3 December in Vienna.
This week oil prices look quite confident. In particular, they endured the introduction of USA 10% duties on Chinese imports and continues to hold just below $80 per barrel. On this basis, it is likely that the current drawdown of oil will be purchased by the end of the week.
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Roman Tkachuk,
Senior analyst,
Alpari