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4/21, 12:41 AM (Source: TeleTrader)
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Trump: Negative oil prices very short term

United States President Donald Trump said on Monday that the huge oil price drop today was "very short term" and is "more of a financial thing than an oil situation."

Trump stressed that oil prices turning negative was "largely a financial squeeze" and noted he sees crude prices at $25 to $28 per barrel "in a month or so."

The US president added the decline in the oil market comes amid the coroanvirus crisis which caused factories and businesses to close and people to stop driving cars due to the lockdowns. However, he sees the situation improving after OPEC+ implements the output cuts agreed earlier this month.

Breaking the News / NP