Crude Oil Prices Slip After Trump Calls on OPEC Not to Cut Supply

US West Texas Intermediate (WTI) crude oil futures were at $59.00 per barrel at 0014 GMT, down 93 cents, or 1.6 per cent from their last settlement.

Crude Oil prices fell by more than one per cent early on Tuesday after US President Donald Trump put pressure on Opec not to cut supply to prop up the market.

Saudi Energy Minister Khalid al-Falih said on Monday the Organization of the Petroleum Exporting Countries (Opec), which Saudi Arabia de-facto leads, agreed there was a need to cut oil supply next year by around 1 million barrels per day (bpd) from October levels to prevent oversupply.

International benchmark Brent crude oil futures had yet to trade, however both oil price benchmarks have shed more than 20 per cent in value since early October.

US President Donald Trump put pressure on Saudi Arabia and Opec not to cut supply in order to prop up the market.

ANZ bank said on Monday that oil prices saw “a correction … after US President Trump voiced his disapproval of the move” by Opec and Saudi Arabia to potentially cut back supply.

“Hopefully, Saudi Arabia and Opec will not be cutting oil production. Oil prices should be much lower based on supply!” Trump wrote on Twitter on Monday.

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Neal Bhai has been involved in the Bullion and Metals markets since 1998 – he has experience in many areas of the market from researching to trading and has worked in Delhi, India. Mobile No. - 9899900589 and 9582247600

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