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Crude oil has opened the new week off of Friday’s highs following confusing statements from US President Trump regarding Saudi Arabia’s willingness to shun OPEC limits and increase production.
WTI surged to a new multi-year high last week as the US searches for allies to take part in a shunning of Iranian oil as Trump looks to impose stiff economic sanctions on Iran. The US pulled out of the Iranian nuclear accord recently, and Trump is asking other countries to stop buying oil sourced from Iran, threatening action against countries that interfere with the US’ trade policies and ignore Trump’s calls for an Iranian oil ban.
The lack of clarity on Iran’s future capacity to bring crude to market has sent oil prices back on the rise, a move that Trump is also unhappy with, and over the weekend the US president made contact with King Salman of Saudi Arabia. Trump’s declaration that Saudi Arabia agreed to increase production were premature, and the White House was forced to walk back the POTUS’ statement, clarifying that the Saudi government has made no official decision to allay the US’ concerns on oil prices.
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