EnergyWatch

Oil price back where it began after Trump and OPEC turmoil

Oil prices saw major fluctuations after republican candidate Donald Trump won the US presidency Tuesday and also because of uncertainty regarding the intentions of OPEC. However, the oil price has now returned to where it began.

After a week of swings driven by the surprise election of Donald Trump and speculation over OPEC's intentions, oil prices were back where they started.

Futures slipped 1 percent on Friday, bringing them roughly in line with their close on Nov. 4. The International Energy Agency, the Paris-based adviser to some of the world's biggest economies, said it is waiting to see whether President-elect Trump's rhetoric hardens into action before revising its market forecasts. Prices may retreat amid "relentless global supply growth" unless the Organization of Petroleum Exporting Countries goes ahead with significant production cuts, the agency said.

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