Oil Extends Decline After Trump Renews His Call for Lower Prices
Monday, 29 April 2019 13:04 WIB | ENERGY |MinyakWTIBrentOil,

Oil extended its slide to near $63 a barrel after U.S. President Donald Trump renewed his push for lower prices and Russia said it would restore normal oil flows to eastern Europe within two weeks.

Futures in New York retreated as much as 0.8 percent, following a 4.5 percent drop over the previous three sessions. Crude fell by the most in two months on Friday as President Trump said he'd personally pressed the Organization of Petroleum Exporting Countries to keep prices down. Russia's assurances it will be able to quickly resolve an oil contamination crisis that's choked off flows to nations including Poland and Germany also aided sentiment.

West Texas Intermediate for June delivery fell 34 cents to $62.96 a barrel on the New York Mercantile Exchange at 1:24 p.m. in Singapore after dropping as much as 51 cents earlier. The contract settled 2.9 percent lower on Friday and was down 1.1 percent for the week.

Brent for June settlement lost 40 cents to $71.75 a barrel on the London-based ICE Futures Europe exchange. The contract declined 3 percent on Friday, the biggest drop since Feb. 25. The global benchmark crude was at a premium of $8.79 to WTI.

Source : Bloomberg

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