Oil tumbles off 3-year highs after Trump takes a jab at OPEC

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Oil prices retreated from multi-year highs Friday after President Donald Trump took a swipe at OPEC in an early morning tweet.

"Looks like OPEC is at it again," Trump tweeted just before 7:00 a.m. ET. "With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted!"


Commodity Market Tips

Brent, the international benchmark, sank more than 1% to $72.79 per barrel around by 8:00 a.m. ET. West Texas Intermediate was also down, falling below $68. Both had hit three-year highs earlier this week on the back of supply concerns.

Trump could be responding to reports that Saudi Arabia - OPEC's biggest producer - is targeting a crude price of $80 or $100. That's widely seen as a hint that OPEC will extend production caps after they expire in December.

Responding to Trump's tweet, Saudi Arabia's Energy Minister Khalid al-Falih told CNBC, "Markets should set prices."

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