Oil slips more after Donald Trump’s Opec comments
Analysts say the US, the world's biggest oil consumer, is keen to counter a recent price rally driven by major exporters trimming production
Singapore — Oil inched lower on Tuesday to extend losses of more than 3% from the previous session, easing after US President Donald Trump called on oil cartel Opec to rein in its efforts to boost prices. International Brent futures were at $64.70 a barrel at 7.28am GMT, down six US cents, or 0.1%, from their last close. Brent, which plunged 3.5% on Monday, touched its lowest since February 14 on Tuesday at $64.32 a barrel. US West Texas Intermediate (WTI) crude futures were at $55.26 per barrel, down 22c, or 0.4%. Analysts said the US, 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% from February 8-22. Tweeting on Monday, Trump expressed concern about oil prices and repeated his previous calls on the 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 do...
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