Trump called King Salman over the weekend to discuss oil supplies

SHAFAQNA- Days after the U.S. president criticized OPEC for high oil prices at the United Nations General Assembly and he requested to stop raising prices, and to start lowering prices, Saudi state news agency SPA reported that Trump and Saudi Arabia’s King Salman discussed efforts being made to maintain supplies to ensure oil market stability and global economic growth. They also discussed developments in the region and the world.

According to a Saturday report by Riyadh-based official daily Arab News and other state media outlets, Trump and King Salman bin Abdulaziz also discussed mutual ties and “means of developing” their strategic partnership, efforts to “maintain the supply and stability of the oil market” and “ensuring the growth of the global economy.”

Oil prices rose more than 1 percent on Friday, with Brent climbing to a four-year high, as U.S. sanctions on Tehran squeezed Iranian crude exports, tightening supply even as other key exporters increased production.

Brent crude LCOc1 futures settled at $82.72 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 futures settled at $73.25 a barrel.

“Oil prices remain in the bulls domain amid concern that US sanctions on Iranian crude oil exports will result in much tighter physical market conditions once they take effect in November,” said Stephen Innes, head of trading for Asia at OANDA, 

Shia News Association

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Stephen Innes

Stephen Innes

Head of Trading APAC at OANDA
Stephen has over 25 years of experience in the financial markets and currently based in Singapore as the Head of Trading Asia Pacific with OANDA. Stephen's market views focus on the movement of G-10 and ASEAN Currencies. His views appear in Bloomberg, CNBC.Reuters, New York Times WSJ and the Economist. His media appearances include Bloomberg TV & Radio, BBC International, Sky TV, Channel News Asia, ASTRO AWANI and BFM Malaysia. Stephen has an extensive trading experience in Spot and Forward FX, Currency and Interest Rate Futures, Money Market Derivatives and Precious Metals. Before joining OANDA, he worked with organisations like Nat West, Chemical Bank, Garvin Guy Butler, and Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes