13:01 ET - Oil futures recover from a swoon after President Trump said he would ask Saudi Arabia and OPEC to lower crude prices, which would imply the producer group bringing back some withheld production. "I don't think they're going to be very accommodating," says Mizuho's Robert Yawger. OPEC would probably want to sit on its spare capacity to get prices higher before returning production, he says, although if Iranian and Russian barrels are taken off the market there would likely be a rally. "I think $80 in WTI and $85 for Brent would be the line in the sand where they start to contemplate adding barrels back to the global supply chain," Yawger adds. WTI is off 0.5% at $75.09 a barrel after dipping as low as $74.39. Brent is down 0.4% at $78.72 a barrel. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
January 23, 2025 13:01 ET (18:01 GMT)
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