Singapore — Oil prices fell by about 1% on Tuesday, with Brent crude sliding below $70 and WTI below $60 a barrel, after US President Donald Trump put pressure on Opec not to cut supply to prop up the market. The fall came amid a broad market sell-off in Asia and before that on Wall Street, while the dollar hit a 16-month high on Tuesday, making oil imports more expensive for any country using other currencies at home. US West Texas Intermediate (WTI) crude oil futures were at $59.15 a barrel at 2.14am GMT, down 78c, or 1.3% from their last settlement. International benchmark Brent crude oil futures were at $69.47 a barrel, down 65c, or 0.9%, from their last close. Both oil price benchmarks have shed more than 20% in value since early October. “Sky-high production in the US, coupled with incremental barrels coming from Saudi Arabia and Russia, is starting to impact oil market balances. As such, crude oil inventories are starting to increase once again,” Bank of America Merrill Lynch...
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