Oil: Prices under pressure – Danske Bank

Jens Nærvig Pedersen, senior analyst at Danske Bank, notes that the oil prices dropped more than 3% yesterday after US President Donald Trump said that ‘oil prices are getting too high’ and that ‘OPEC should relax’.

Key Quotes

“In October 2018, he made similar comments, which helped initiate the steep downturn in oil prices in Q4 – hence the anxiety in the market towards his comments.”

“The price on Brent crude settled below USD65/bbl down from above USD67/bbl.”