Oil extends losses after Trump asks Opec to ease prices

Singapore/Sydney — Oil prices slipped on Tuesday, extending losses of more than 3% during the previous session, after US President Donald Trump called on Opec to ease its efforts to boost the market.

International Brent futures were at $64.66 a barrel at 3.46am GMT, down 10c, or 0.2%, from their last close. Brent, which plunged 3.5% on Monday, fell to as low as $64.32 a barrel on Tuesday, the lowest since February 14.

US West Texas Intermediate (WTI) crude futures were at $55.19 a barrel, down 29c, or 0.5%. WTI futures dropped 3.1% on Monday.

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. From February 8 to February 22, Brent prices gained 8.1%.

Trump on Monday expressed concern about oil prices and repeated his previous calls on producer cartel Opec to keep prices steady.

“The warning carries more weight this time around, with US legislators resurrecting a bill that would make the organisation subject to antitrust laws in the US,” ANZ Bank said in a research note.

Opec and some non-affiliated producers such as Russia agreed late in 2019 to cut output by 1.2-million barrels a day to prevent a large supply overhang from growing.

Saudi Arabia, the world’s largest oil exporter, recently estimated its production will fall in March by more than anticipated under the supply-reduction agreement, to 9.8-million barrels a day.