Tuesday, 26 February 2019 07:49 WIB |
Oil held losses below $56 a barrel after tumbling the most in four weeks as U.S. President Donald Trump tweeted that prices are too high and called on OPEC to œrelax and take it easy.
Futures in New York were little changed after declining 3.1 percent on Monday. Trump™s war of words with the Organization of the Petroleum Exporting Countries punctuated big price swings last year, as he pressured the group to keep the taps open to help consumers. On Monday, he warned the world cannot take a price hike.
The president™s intervention trimmed the price rally this year to about 22 percent. Gains had been driven by production cuts from OPEC and its allies, diminishing fears about the economic impact of the U.S.-China trade war and Washington™s imposition of sanctions on Venezuelan oil shipments. Now pressure from Trump once again puts Saudi Arabia and the rest of OPEC in a bind.
West Texas Intermediate for April delivery traded at $55.44 a barrel on the New York Mercantile Exchange, down 4 cents, at 8:41 a.m. in Tokyo. The contract slid $1.78 to $55.48 on Monday, the lowest level since Feb. 14.
Brent for April settlement dropped $2.36 to $64.76 on the London-based ICE Futures Europe exchange on Monday. The global benchmark crude closed the session at a $9.28 premium over WTI.
Source : Bloomberg