U.S. oil tumbles nearly 7% as pressure builds on OPEC to cut output
The Thanksgiving holiday in the United States did little to slow the downfall in oil.
On Friday, prices dropped another 7% as pressure is building on OPEC to cut production.
It was just last week the Saudis stated they were going to hold firm with present production levels. This was seen as a way to appease President Trump over the slain journalist. Trump made it no secret that he kept silent on the issue as a matter of economics.
With prices falling further, there is more pressure on OPEC, and the Saudis in particular, to trim production in an effort to maintain higher prices.
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