Economics

Oil Tumbles Most in Two Months as Trump Promises Lower Prices

President says he’s called Saudis, adding to crude’s pullback
WTI records weekly loss; Russian outage not as bad as thought

Derek Brower, director at RS Energy Group, talks about oil prices, U.S. sanctions and Libya’s effect on the market.(Source: Bloomberg)

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By Alex Nussbaum

April 25, 2019 at 7:01 PM EDT

Updated on

April 26, 2019 at 3:46 PM EDT

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Oil slid by the most in two months as U.S. President Donald Trump pressed OPEC to cut prices and doubts grew about the impact of supply squeezes from Russia and Iran.

Futures in New York sank 2.9 percent Friday, wiping away gains from earlier in the week that followed America’s vow of tougher sanctions on Iran. Trump, speaking at the White House, said he’d called the producer cartel and demanded they bring down gasoline prices. Reports of readily available replacements for contaminated Russian oil also sapped momentum.

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