Oil prices pull back as Trump tweet shifts focus to OPEC | Reuters

Oil prices pull back as Trump tweet shifts focus to OPEC | Reuters:

Oil prices eased on Thursday, pulling back after U.S. President Donald Trump urged OPEC to increase production at its meeting in Algeria, and slowing bullish momentum that had previously propelled the market toward four-year highs.

Brent crude oil LCOc1 settled down 78 cents at $78.70 a barrel. U.S. light crude CLc1 was down 32 cents to settle at $70.80 a barrel after rising nearly 2 percent on Wednesday.

Global benchmark Brent has been trading just below $80 a barrel, near its highest level in almost four years, on expectations that U.S. sanctions against Iran, OPEC’s third biggest producer, will reduce global supply.