After crude prices fall, Uday Kotak hopes Donald Trump’s ‘open mouth policy’ keeps working
After surging to record highs, crude oil prices eased on Friday bringing much-needed respite for the global economy. The decline, which is the most since December, follows pressure from the US President on OPEC to lower commodity rates. Commenting on fall in crude prices, veteran banker Uday Kotak said that Trump’s vocal concerns on the issue have helped in cooling down prices. He further hoped that the ‘open mouth policy’ of the US President works to bring them further down.
“Oil: as anticipated Donald Trumps speaks and cools down prices 4%. Hope his open mouth policy works. Iran policy decides actual supply. For India’s sake hope oil not much higher than $70. Watch the space,” Uday Kotak, MD, Kotak Bank, tweeted.
Donald Trump on Friday had told the American media that gasoline prices will come down as he called up OPEC and directed them to keep the prices in check.
