FX.co ★ Oil prices fall as Trump urges OPEC not to cut oil supply

Global oil prices fell by more than 1 percent after US President Donald Trump urged the OPEC+ countries not to reduce the level of oil supply.

According to Khalid Al-Falih, Saudi Arabia’s Energy Minister, the cartel members and leaders of the countries outside the organization agreed to limit oil production by about 1 million barrels in December in order to prevent oversupply situations. However, Donald Trump disagrees with such a decision. He expects that Saudi Arabia and OPEC will not cut oil output.

Experts recorded a decline in Brent crude oil prices by 0.97% to $69.44. Light Sweet Crude Oil futures (WTI) plunged by 0.77% to $59.16.