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.


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