Trump in Fox News interview
- Trump says he will the Russian President Putin on Monday to discuss oil and other matters
- Russia and Saudi Arabia “both went crazy” on oil issue
The US lambasted OPEC and Saudi Arabia for generations for keeping oil prices artificially high and operating a cartel. Now that OPEC has blown up, the same pearl clutchers don’t want anything to do with the free market. The reality is that the US has flooded the world with uneconomic oil for years because of Federal Reserve largess.
In any case, the oil market likes what the President is saying. Russia will certainly listen if the US offers to reduce sanctions. WTI has pared its decline and is back to $20.60 from $20.10 minutes ago.