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Trump says U.S. continues to back Saudi Arabia

Nov. 20, 2018 1:12 PM ETUCO, USO, OIL-OLD, DBO, USL, DTO, OLO-OLD, SCO, DNO, BNO, KSA, OILX, OILK, UWT, DWT, WTID-OLD, WTIU-OLD, USOI, USOU, USOD, USAI, OILU-OLD1, OILD, SZOXF, OILBy: Carl Surran, SA News Editor261 Comments
  • Pres. Trump says the U.S. will continue to stand with Saudi Arabia despite the murder of journalist Jamal Khashoggi, apparently ruling out new punitive measures against the country after already sanctioning 17 individuals known to have been connected to the killing.
  • The U.S. "may never know all of the facts surrounding" Khashoggi's death, Trump says, but "our relationship is with the Kingdom of Saudi Arabia," also saying the Saudis have been responsive to his oil price requests.
  • On the alleged involvement of Crown Prince Mohammed bin Salman, Trump says "Maybe he did and maybe he didn't!"
  • The news has no effect on crude oil prices, with WTI and Brent both remaining ~5% lower.
  • ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, KSA, SZO, OLEM, WTIU, OILK, OILX, WTID, USOI, USOU, USOD, OILD, OILU, USAI

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