Reuters: Oil slips after Trump calls on OPEC to rein in prices

09:00, 26 February 2019
Economy
121 0
REUTERS

International Brent futures were at $64.66 a barrel at 0533 GMT, down 10 cents, or 0.2 percent, from their last close, Reuters said.

Brent, which plunged 3.5 percent on Monday, touched its lowest since February 14 on Tuesday at $64.32 a barrel.

Read alsoReuters: Oil prices dip as record U.S. exports undermine OPEC-led efforts to cut supply

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 February 8 to February 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.

Analysts also noted that while Trump is attempting to ease prices lower, sanctions by the United States against oil exporters Iran and Venezuela have contributed to the recent gains and are providing a floor for prices.

But when Washington re-imposed sanctions against Iran's oil exports in November, it granted waivers to eight of Tehran's buyers to import some oil for 180 days, which ends in May this year.

If you see a spelling error on our site, select it and press Ctrl+Enter