In a submit on Twitter, the US President wrote: “Oil costs getting decrease. Nice! Like a giant Tax Reduce for America and the World. Take pleasure in! $54, was simply $82. Thanks to Saudi Arabia, however let’s go decrease!” Mr Trump adopted this tweet with one other shortly after which merely learn: “MAKE AMERICA GREAT AGAIN!” The newest feedback got here 24 hours after oil costs plunged six p.c as fears about slowing world demand and a surge in U.S. manufacturing outweighed anticipated provide cuts by the Group of the Petroleum Exporting International locations (OPEC).

US crude futures tumbled 5 p.c to $54.33 per barrel, whereas Brent crude futures fell 4.9 p.c to $63.51 per barrel.

Since a four-week peak in early October, US crude costs have fallen 30 p.c, whereas Brent crude costs have dropped by greater than 1 / 4 (26 p.c) in the identical interval.

Oil costs bounced again on Wednesday to $63 per barrel, clawing again among the earlier day losses, lifted by a report of an sudden decline in US crude inventories.

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