Brent is creeping back up towards the high-$60s per barrel, prompting a scolding of OPEC by President Trump via tweet earlier this week. Trump’s irritability with high oil prices is well-known, but the tweet suggests that he sees oil prices getting too close to dangerous political territory once again. He wants more supply to lower prices, but OPEC is much less likely to heed his warning this time around, having been burned by him last year following the surprise waivers issued on Iran sanctions, which helped crash the market. Trump told OPEC to “relax and take it easy,” and in response, Saudi oil minister Khalid al-Falih said : “We are taking it easy; 25 countries are taking a very slow and measured approach.” Al-Falih’s comments suggest that OPEC will not back down in the face of pressure from the U.S. government. The standoff is unfolding at a time when […]