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Oil Steady After Biggest Loss in a Month as Trump Presses OPEC


Tuesday, 26 February 2019 20:45 WIB

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Oil steadied after falling the most in almost a month on Monday, when President Donald Trump called on OPEC to temper prices.

Futures traded near $56 a barrel in New York after sliding 3.1 percent on Monday. While crude is still about 25 percent below the four-year high reached in October, the U.S. president tweeted on Monday that prices are rising too much and called on the Organization of Petroleum Exporting Countries to “relax and take it easy.” Oil's recovery this year has been propelled by OPEC's output curbs, led by top member Saudi Arabia.

West Texas Intermediate for April delivery traded at $55.69 a barrel on the New York Mercantile Exchange, up 21 cents, at 8:26 a.m. local time. The contract dropped 3.1 percent to $55.48 on Monday, the biggest decline since Jan. 28.

Brent for April settlement advanced 50 cents to $65.26 a barrel on the London-based ICE Futures Europe exchange, after falling by $2.36 on Monday. The global benchmark crude traded at a $9.55 premium over WTI.

Source : Bloomberg                  


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