Oil Futures Retreat After Early Gains, Settle Sharply Lower

Trading 25 fév 2019 Donner votre avis

Crude oil futures fell to their lowest levels in more than a week on Monday, weighed down by a tweet from the U.S. President Donald Trump that said oil prices were getting too high.

Trump tweeted : "Oil prices getting too high. OPEC, Please relax and take it easy. World cannot take a price hike."

Oil prices tumbled even as worries about demand growth faded a bit after U.S. President Trump said would delay an increase in U.S. tariffs on Chinese goods.

Citing substantial progress in ongoing trade talks, Trump indicated a likely meet with Chinese President Xi Jinping to reach a final deal on trade.

West Texas Intermediate Crude oil futures April ended down $1.78, or 3.1%, at $55.78 a barrel, well off the day's high of $57.53.

On Friday, crude futures ended up $0.30, or 0.5%, at $57.26 a barrel, the best settlement since November 12.

Brent crude futures declined $2.36, or 3.5% to $64.76 a barrel, falling sharply from a 3-1/2 month high of $67.73 it had touched on Friday.

The OPEC-led output cuts, Saudi Arabia and Nigeria's decisions to resort to bigger output reductions and the U.S. sanctions on Iran and Venezuela contributed to oil's uptick last week.

The material has been provided by InstaForex Company - www.instaforex.com

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