James Herron, 2-25-2019, date accessed: 3.10.2019, "Crude oil plummets as President Trump warns against high prices," MSN, https://www.msn.com/en-us/money/markets/crude-oil-plummets-as-president-trump-warns-against-high-prices/ar-BBU3qul//AP
Oil tumbled the most in four weeksafter U.S. President Donald Trump tweeted that prices are too high and called on OPEC to “relax and take it easy.” Futuresin New York declined 3.1 percent on Monday. Trump’swar of words with the Organization of the Petroleum Exporting Countries punctuated big price swings last year, as he pressured the group to keep the taps open to help consumers. On Monday, he warned the world cannot take a price hike. The tweet “basically pricked the balloonthat had propelled prices upso much last week,” said Tamar Essner, an analyst at Nasdaq Inc. in New York. Oil has rallied “largely on news that Saudi in particular was going to focus on cutting back exports and going above and beyond what they originally pledged to do back in December.” The president’s intervention follows a price rally of about 22 percent this year due to production cuts from OPEC and its allies, diminishing fears about the economic impact of the U.S.-China trade war and Washington’s imposition of sanctions on Venezuelan oil shipments. Now pressure from Trump once again puts Saudi Arabia and the rest of OPEC in a bind. In terms of recent price action, both the American and international benchmarks have been sitting near overbought territory. On Friday, the 14-day relative strength index for London-traded Brent futures climbed to near 70, a key level that indicates it may be overbought.
