By Laila Kearney
(Reuters) – Oil markets sank on Friday, a day after U.S. President Donald Trump pressured OPEC and its de facto chief Saudi Arabia to decrease costs in a broad push to drive up crude manufacturing.
Brent crude futures had been down 50 cents at $77.95 a barrel by 0044 GMT. U.S. West Texas Intermediate crude (WTI) shed 31 cents to $74.31.
Trump, throughout his speech on Thursday on the World Financial Discussion board in Davos, Switzerland, mentioned he would demand the Group of the Petroleum Exporting Nations deliver down the price of crude barrels.
Trump additionally mentioned he would ask Riyadh to extend a U.S. funding package deal to $1 trillion, up from $600 billion reported by the Saudi state information company earlier within the day.
Uncertainty over Trump’s tariffs insurance policies, and the potential the newly inaugurated president will push for increased U.S. oil output, additionally weighed on crude futures, analysts mentioned.
Shrinking U.S. crude inventories, which hit their lowest degree since March 2022 final week in line with the U.S. Power Info Administration, saved oil costs from falling additional.
The EIA report, issued a day late due to a U.S. vacation on Monday, mentioned crude stockpiles fell by 1 million barrels to 411.7 million barrels within the week to Jan. 17, marking a ninth consecutive weekly decline. [EIA/S]
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