Why President Trump's Tweets Move Oil Markets - BP's Chief Economist
Spencer Dale, BP's Chief Economist, talked to TheStreet about President Trump's tweets and the situation in Venezuela as well as Brexit.
Monday morning, President Trump took to Twitter to express his concern about oil prices.
Oil prices getting too high.
OPEC, please relax and take it easy.
World cannot take a price hike - fragile!
Trump (@realDonaldTrump) February 25, 2019 The Tweet was taken literally by oil prices, which turned sharply lower Monday morning.
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The Tweet followed another set of fresh three-month highs for oil prices following a jump in global risk assets after the President said he would delay new tariffs on China-made goods, which were set to kick-in on March 1, thanks to what he called "substantial progress in trade talks between Washington and Beijing.
However, President Trump isn't the only one with power to impact the oil market.
There are other factors that can spook investors.
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