OPEC of ‘Ripping Off’ World, President Trump Calls for Lower Crude Oil Prices

OPEC of ‘Ripping Off’ World, President Trump Calls for Lower Crude Oil Prices

OPEC of ‘Ripping Off’ World, President Trump Calls for Lower Crude Oil Prices

$DIA, $SPY, $QQQ, $RUTX, $VXX, $USO, $OIL

Tuesday, US President Donald Trump accused members of the OPEC cartel of “ripping off” the world, as he called for a lowering of energy prices.

“The United States stands ready to export our abundant affordable supply of oil, clean coal, and natural gas,” President Trump told the United Nations General Assembly.

“OPEC and OPEC nations are, as usual, ripping off the rest of the world, and I don’t like it. Nobody should like it.”

Crude Oil prices shot to a fresh four-year high Tuesday, rallying as President Trump spoke about Iran ahead of US sanctions on the country’s Crude Oil exports and bolstered by the apparent reluctance of OPEC and Russia to raise output to offset the potential hit to global supply.

President Trump said in a speech before the UN that the United States will put more sanctions on Iran following Crude Oil sanctions that go into effect on 4 November

The sanctions are expected to have an immediate economic impact on OPEC’s 3rd largest producer’s exports.

US stocks had a mixed flat finish Tuesday, with the major averages settling little changed.

The flat performance happened as the FOMC opened off a 2-day policy meeting, and as President Trump appeared before the UN General Assembly in New York.

The utilities (-1.2%), consumer staples (-0.7%), and materials (-0.5%) sectors led to the Southside, while communication services (+0.1%), consumer discretionary (+0.6%), and energy (+0.6%) led to the Northside.

The energy space is now +2.1% on the week, a performance that’s been underpinned by a rise in the price of Crude Oil, although  did pull back during President Trump’s UN speech.

Tuesday, the major US stock market indexes finished at: DJIA -69.84 at 26492.21, NAS Comp +14.22 at 8007.46, S&P 500 -3.81 at 2915.56

Volume: Trade on the NYSE came in at 833-M/shares exchanged

  • NAS Comp +16.0% YTD
  • Russell 2000 +11.3% YTD
  • S&P 500 +9.1% YTD
  • DJIA +7.2% YTD

HeffX-LTN technical analysis for the US major stock market indexes is Bullish to Very Bullish in here

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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