Oil Extends Decline as Trump Urges OPEC to Boost Production

29 March, 2019, 09:37 | Author: Gerard Cortez
  • Oil rises further above $67 as OPEC cuts counter economic concern

Today's tweet sent oil prices downward as well, with WTI trading down $0.46 (-0.77%), and Brent down $0.52 (-0.77%) at 11:25am EST.

Immediately following Trump's tweet, United States crude oil futures fell by more than $1 to $58.33 a barrel and Brent futures were down by more than $1 to a session low of $66.76 per barrel.

Oil prices fell on Thursday, extending losses into a second consecutive session following a surprise rise in USA crude inventories and President Donald Trump's latest tweet asking OPEC to tamp down the cost of crude.

In the week ended March 15, USA crude stockpiles dropped by 9.6 million barrels, the largest decline since July, boosted by strong export and refining demand.

Crude futures were little changed in post-settlement trade after the American Petroleum Institute, a trade organization, said USA crude inventories rose 1.9 million barrels in the latest week.

Oil prices fell on Thursday, extending losses into a second straight session, after widely watched data showed a surprising increase in USA stocks.

Globally, the West Texas Intermediate (WTI) crude oil was down by 0.45 per cent at $59.14 while the worldwide benchmark Brent too shed 0.45 per cent to $67.59 a barrel.

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Oil rose almost 2 percent on Tuesday as attention centred on geopolitical factors tightening supplies that are leading to falling exports from Venezuela and declining USA inventories.

Brent crude prices hit their 2019 high earlier this month and have risen more than 25 percent so far this year, according to Reuters.

Oil extended declines after President Donald Trump renewed his criticism on OPEC, saying the cartel should lift crude production.

"Very important that OPEC increase the flow of Oil".

Stock markets have been volatile this year amid signs of a sharp global economic slowdown. However, the markets may not go anywhere over the near-term until a deal is reached on U.S.

Weekly figures on USA oil data from the American Petroleum Institute (API), an industry group, will be released on Tuesday, followed by the official Energy Information Administration (EIA) figures on Wednesday.

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