Trump Favors $40-$50 Oil, Goldman Says After Scrutinizing Posts
(Bloomberg) -- US President Donald Trump appears to prefer oil prices between $40 and $50 a barrel, according to Goldman Sachs Group Inc., citing an in-house analysis of his social-media posts on the topic.
Trump “has always been focused on oil and on US energy dominance, having posted nearly 900 times,” analysts including Daan Struyven said in a report. His “inferred preference for WTI appears to be around $40 to $50 a barrel, where his propensity to post about oil prices bottoms,” they said.
Oil prices — both Brent and West Texas Intermediate — are often buffeted by the US leader’s social-media commentary, which can reference everything from OPEC production levels and US gasoline prices to sanctions against nations including Iran. His administration has favored increased domestic production, as well as a broad push for cheap energy to help bring down inflation.
He “tends to call for lower prices (or celebrate falling prices) when WTI is greater than $50,” the analysts said. “In 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.”
WTI — which last traded just above $63 a barrel — has dropped about 12% so far this year, weighed down by the fallout from Trump’s trade tariffs, as well as a decision by OPEC+ to loosen supply curbs at a faster-than-expected pace. Still, prices have recovered some ground after the US and China scaled back some levies for 90 days, up from a four-year closing low seen earlier this month.
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