(Bloomberg) -- U.S. President Donald Trump renewed his criticism of OPEC, saying the cartel should increase production because prices are getting “too high.”
It’s the second time this year the president has taken to Twitter to urge the cartel to backtrack on its current policy of cutting production. Unlike last year, when Trump’s attacks triggered a swift U-turn in Saudi oil policy, the group has so far refused to heed his calls.
Oil extended losses in New York, with West Texas Intermediate futures dropping 1.7 percent to $58.40 a barrel as of 8:41 a.m. local time.
Earlier this month, Saudi Arabia led the Organization of Petroleum Exporting Countries and their allies to reaffirm their commitment to output cuts, but conceded they should defer until June the decision on whether to extend the curbs.
