Trump Celebrates Fall in Oil Prices and Cites the Fed
US President Donald Trump celebrated in his Twitter profile that oil prices are falling and indicated that this is due to his policies. In addition, he cited the Federal Reserve (Fed) in tweet, commenting that inflation is receding.
This week, Trump had already celebrated the fall in oil prices, as well as saying that a break with Saudi Arabia would cause a sharp rise in prices, which he intended to avoid. In a statement issued by the White House on Tuesday, the US president reaffirmed his support for the Saudi government, saying that the two countries have worked together to “keep oil prices at reasonable levels,” which he considers ” important for the world “.
The recent collapse in oil prices also pushed US government bond yields down as investors believed in the prospect of future inflation in the United States, which would not cause the Fed to hasten the tightening of its monetary policy. At the New York Mercantile Exchange (Nymex), the WTI oil barrel rose from $ 75.30 in early October to $ 50.42, the lowest level since October 2017.