Oil falls away from 2019 high after Trump pressures OPEC to lower prices   


29 April 2019 :Brent futures have dropped below the $72 mark, after tumbling late last week on the back of US President Donald Trump’s claim that he personally “spoke to” OPEC to lower Oil prices. The steep decline in prices comes just days after the US administration stated that sanction waivers on Iran’s Oil will end later this week, which initially sparked a rally in the value of Oil on the hopes of tighter supplies.

However, uncertainty may prevail over how strictly these waivers will be imposed on Iran and whether other producers, like Saudi Arabia and the United Arab Emirates, will be able to fill the void of a reported 1 million barrels of Oil per day by the time the waivers expire.  With the broader narrative of resilient demand and tighter supply in the market encouraging investors to buy Oil, prices can still find the impetus to resume the uptrend seen so far in 2019.


Source : Lukman Otunuga, FXTM Research Analyst


Reporting for EasyKobo on Monday , 29 April 2019 in Lagos, Nigeria


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