Oil eases after Trump urges OPEC to curb efforts to boost prices

SINGAPORE (Reuters) – Oil inched lower on Tuesday to extend losses of more than 3 percent from the previous session, easing after U.S. President Donald Trump called on OPEC to rein in its efforts to boost prices. International Brent futures were at $64.70 a barrel at 0728 GMT, down 6 cents, or 0.1 percent, from their last close. Brent, which plunged 3.5 percent on Monday, touched its lowest since Feb. 14 on Tuesday at $64.32 a barrel. U.S. West Texas Intermediate (WTI) crude futures were at $55.26 per barrel, down 22 cents, or 0.4 percent. 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 percent 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 (OPEC) 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… continue reading

Continue reading Oil eases after Trump urges OPEC to curb efforts to boost prices. This article appeared first on CTRM Center.

Source: CTRM Center

Related Posts

Leave a reply