On January 27, oil prices fell after the US president renewed calls for OPEC to reduce the cost of raw materials while announcing measures to increase US oil and gas production. About this informs Reuters.
Brent crude futures were down 87 cents, or 1.11%, at $77.63 a barrel, after rising 21 cents on Friday. U.S. West Texas Intermediate crude fell 89 cents, or 1.19%, to $73.77 a barrel.
Still, OPEC and its allies point to an existing plan to increase oil output starting in April.
We will remind that on January 24, US President Donald Trump, addressing international business leaders and politicians, demanded from OPEC to reduce oil prices and interest rates. He also warned that the organization could face tariffs if their products are manufactured outside the US.
