Trump Says OPEC Must Pump More Oil Because Prices Are Too High

• U.S President Donald Trump renewed his criticism of OPEC, saying the cartel should increase production because prices are getting “too high.”
• It is 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% to $58.40 a barrel since the start of the day.

(Source: Bloomberg)