Crude Oil Prices Dip After Trump Warns OPEC
Oil inched lower on Tuesday to extend losses of more than 3 % from the previous session, easing after US President Donald Trump called on OPEC to rein in its efforts to boost prices.
International Brent futures were at $64.70 a barrel, down 6 cents, or 0.1 %, from their last close.
Brent, which plunged 3.5% on Monday, touched its lowest since Feb. 14 on Tuesday at $64.32 a barrel, CNBC reported.
US West Texas Intermediate crude futures were at $55.26 per barrel, down 22 cents, or 0.4%.
Analysts said the United States, the world’s biggest oil consumer, was keen to counter a recent rally in prices driven by major exporters trimming production. Brent prices gained 8.1% from Feb. 8 to Feb. 22.
Tweeting on Monday, Trump expressed concern about oil prices and repeated his previous calls on the Organization of the Petroleum Exporting Countries to keep prices steady.
“The problem is we are having these sporadic tweets impacting global commodity markets,” said Hue Frame, portfolio manager at Frame Funds in Sydney.
"It does make it increasingly difficult to have a consistent fundamental read on the data."
“We still believe the majority of global economic activity is slowing, with which it could be assumed global oil demand will also slow.”
Oil markets, which have rallied on optimism about a US-China trade deal over the last two weeks, were also the most vulnerable to a sell-off, analysts said.
source: Financial Tribune
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