Singapore January 27 2025: Oil prices slipped on Monday after U.S. President Trump called on OPEC to reduce prices following the announcement of wide-ranging measures to boost U.S. oil and gas output in his first week in office.
Brent crude futures dropped 53 cents, or 0.68%, to $77.97 a barrel by 0430 GMT after settling up 21 cents on Friday.
U.S. West Texas Intermediate crude was at $74.16 a barrel, down 50 cents, or 0.67%.
Trump on Friday reiterated his call for the Organization of the Petroleum Exporting Countries to cut oil prices to hurt oil-rich Russia’s finances and help bring an end to the war in Ukraine.
“One way to stop it quickly is for OPEC to stop making so much money and drop the price of oil … That war will stop right away,” Trump said.
Trump has also threatened to hit Russia “and other participating countries” with taxes, tariffs and sanctions if a deal to end the war in Ukraine is not struck soon.
