Trump finding resistance to drill in oil market, WSJ reports

President Donald Trump says lower oil prices could solve a range of problems, but is finding early resistance in the oil market, The Wall Street Journal’s Collin Eaton, Benoit Faucon, and Benoit Morenne report. According to oil executives, while Trump has encouraged the U.S. shale industry to drill, another American oil boom isn’t in the cards soon, no matter how many regulations are rolled back as the industry is focused on keeping costs down and returning cash to investors, with the president’s advisers conceding that U.S. frackers won’t pump much more. Saudi Arabia has told former U.S. officials that it also is unwilling to augment global oil supplies, say people familiar with the matter. Publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Exxon Mobil (XOM), Shell (SHEL) and TotalEnergies (TTE).