Tweet Trips Up Bull Run

[Tom Kirkman + 8,860]

So, um, anyone recall my earlier repeated comments here that I've been hoping for an average of $65 oil this year? That $80 was too high?  That $100 was unsustainable?

Oil Plunges Back To Trump's "OPEC's At It Again" Levels Below $68

WTI Crude Futures prices are back at a $67 handle, tumbling 4% today following remarks from OPEC and Russia on the potential easing of output restrictions.

Just a month ago, President Trump tweeted that "oil prices are artificially Very High," blaming OPEC for the rise which was crushing the gains from his tax cuts and warning that this was "No good and will not be accepted!"

Today, prices are plunging as OPEC (and Russia) confirm that they are likely to add to production output in H2 2018 as the possibility of Venezuela and Iran production constraints rise (due to sanctions).

WTI is now back at a $67 handle - exactly where Trump tweeted a month ago...

 

[Tom Kirkman + 8,860]

A few of my earlier, repeated comments, that I would be happy if oil averaged $65 this year: