Crude-oil futures turned sharply lower Monday morning, an about-face that energy analysts pinned on a call from President Trump to OPEC to further prevent rising prices.
"Oil prices getting too high. OPEC, please relax and take it easy. World cannot take a price hike - fragile!" Trump tweeted.
Prices had firmed modestly Monday, initially keeping both benchmarks at the multimonth highs scored to close out last week. Gains had materialized amid apparent progress on U.S.-China trade talks, which buoyed commodities and other assets perceived as risky.
April West Texas Intermediate crude was down $1.38, or 2.4%, at $55.88 a barrel. It earlier traded up to $57.53. The contract’s settlement Friday at $57.26 marked a most-active contract's loftiest close since Nov. 12, according to FactSet data. For last week, WTI rose roughly 3%.
Global benchmark April Brent fell $1.73, or 2.6%, at $65.39 a barrel on ICE Futures Europe, trading above $67 earlier. Friday’s finish also represented its highest since Nov. 12. The international benchmark gained 1.3% for last week, its second weekly gain in a row.
Source : Marketwatch