WTI crude is down $1.00 to $58.41. It hit a session low of $58.20 after Trump tweeted that OPEC should pump more.

I don’t know how serious this is and the rebound in oil says it’s not a big deal. There is the NOPEC legislation to contend with and that would be a mess.

A widely held belief among traders is that OPEC increased pumping in Q3 of 2018 in anticipation of heavy curbs against Iran with Saudi Arabia running as aggressively as they could. But Trump pulled the bait-and-switch and gave Iran waivers, thus kneecapping oil and gasoline prices ahead of the midterms. Saudi Arabia won’t be fooled again.