Brent reverses lower as Trump calls for cheaper prices

International benchmark Brent futures reversed lower in American trade after earlier gains in Europe, heading to the first loss in three days after US President Donald Trump called on OPEC to lower prices. 

As of 12:59 GMT, Brent fell to $78.95 a barrel, with an intraday high at $79.80, and a low at $78.72. 

Brent closed up 0.5% yesterday, the second profit in a row after US inventories took another dive. 

President Donald Trump linked US support to Middle Eastern countries with their efforts to stabilize and lower oil prices within the frame of OPEC. 

Trump tweeted: "We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember. The OPEC monopoly must get prices down now!"

OPEC oil ministers are scheduled to meet with their counterparts from outside OPEC in Algeria next Sunday to discuss latest market updates and current production levels, especially with the recent drop in Iranian supplies after US sanctions.