Goldman Sachs analysts say U.S. President Donald Trump prefers crude oil prices to stay between $40 and $50 per barrel. This conclusion comes from analyzing nearly 900 of his social media posts about oil, Bloomberg reported.
According to the Goldman report, Trump’s “inferred preference for WTI appears to be around $40 to $50 a barrel,” where he posts less frequently about oil prices. The analysts also noted that Trump has always focused on oil and U.S. energy dominance.
Currently, Brent crude is trading above $66 per barrel, and West Texas Intermediate (WTI) is around $63 per barrel. These price increases followed positive news on U.S.-China trade talks, raising hopes for a quicker end to tariffs that have unsettled markets since April.
Goldman Sachs also noted that Trump tends to call for lower prices or celebrates falling prices when WTI is above $50. Conversely, when prices fall below $30, Trump often supports higher prices to back U.S. oil production.
However, many experts believe $50 per barrel is too low for U.S. shale drillers to maintain or increase production. This situation suggests that Trump’s desire for lower gas prices may conflict with the interests of his oil industry supporters and donors.
Oil prices recently hit a two-week high after the U.S. and China agreed on a 90-day trade ceasefire and reduced tariffs, improving demand outlooks. Still, traders expect the U.S. Energy Information Administration (EIA) to report a large build in crude oil inventories, following the American Petroleum Institute’s estimate of a 4.3 million barrel increase on Tuesday.
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