"Trump Wants Oil Prices in the $40-50 Range, Says Goldman Sachs"

" Trump Wants Oil Prices in the $40-50 Range, Says Goldman Sachs \r\n\r\nU.S. President Donald Trump likes crude oil prices in the range of $40 to $50 per barrel, Goldman Sachs analysts have said, following an analysis of his social media posts on the topic.\r\n\r\nThe president\u2019s \u201cinferred preference for WTI appears to be around $40 to $50 a barrel, where his propensity to post about oil prices bottoms,\u201d the team wrote, also noting that Trump \u201chas always been focused on oil and on US energy dominance, having posted nearly 900 times,\u201d on the topic, Bloomberg\u00a0 reported , citing parts of the Goldman report.\r\n\r\nCrude oil is currently trading at over $66 per barrel of\u00a0 Brent crude \u00a0and some $63 per barrel of\u00a0 West Texas Intermediate \u00a0following news of progress on the trade talks between the U.S. and China that could see a quicker instead of slower end to the tariff hysteria that has gripped market since April.\r\n\r\nThe U.S. president \u201ctends to call for lower prices (or celebrate falling prices) when WTI is greater than $50,\u201d the Goldman analysts also wrote in their report, adding that \u201cIn contrast, President Trump has called for higher prices when prices are very low (WTI less than $30) often in the context of supporting US production.\u201d\r\n\r\nThe dominant opinion at the moment is that even $50 is too low for U.S. shale drillers to keep drilling, let alone boost that drilling. This has prompted some commentators to suggest that Trump is for lower prices at the pump had put him on a sort of a collision course with his oil industry supporters and donors.\r\n \r\n Oil prices are currently trading at the highest in two weeks, after the U.S. and China struck an agreement for a 90-day trade ceasefire and a significant reduction in mutual tariffs, which brightened the outlook for oil demand. On the flip side, traders anticipate the EIA to report a significant build in crude oil inventories after the API\u00a0 estimated \u00a0one, at 4.3 million barrels, on Tuesday. \r\n "

"Trump Wants Oil Prices in the $40-50 Range, Says Goldman Sachs"

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