- US oil prices tanked in early Asia, extending the five-week losing streak.
- WTI hit $58.70 per barrel – the lowest level since February.
- The US President Trump warned OPEC against cutting oil production after Saudi’s energy minister called for a drop in OPEC’s output by as much as 1 million barrels a day.
The US oil prices fell by $1 per barrel in early Asia, after Trump called for lower oil prices.
At press time, WTI is trading at $59.06 per barrel, having clocked a nine-month low of $58.70 earlier today.
Prices fell below $60 in the overnight trade after Trump tweeted that he hopes OPEC does not cut oil output. Notably, the tweet came after Saudi Arabia’s energy minister said the cartel and its allies may need to scale back production by about 1 million barrels per day.
Trump’s latest attempt to influence the policy may keep a lid on corrective rallies, if any, in WTI. It is worth noting that prices have dropped in the last five weeks and declined for an 11th straight day yesterday – its longest losing streak on record.
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