Oil slips after Trump calls on OPEC to rein in prices
Oil inched down 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, Reuters reports.
International Brent futures were at $64.66 a barrel at 0533 GMT, down 10 cents, or 0.2 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 $55.21 per barrel, down 27 cents, or 0.5 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.
Trump on Monday expressed concern about oil prices and repeated his previous calls on the Organization of the Petroleum Exporting Countries (OPEC) to keep prices steady.
“The timing was impeccable, catching many traders very long after a two-week rally,” said Jeffrey Halley, senior market analyst, OANDA.
“The oil markets have been the most optimistic on a U.S.-China trade deal over the last two weeks. As a result, they were probably the longest and therefore the most vulnerable to a headline-driven sell-off.”