Oil eases after Trump urges OPEC to curb efforts to boost prices
Oil inched lower on Tuesday to extend losses of more than 3 per cent from the previous session, easing after US President Donald Trump called on OPEC to rein in its efforts to boost prices.
International Brent futures were at $64.70 a barrel at 0728 GMT, down 6 cents, or 0.1 per cent, from their last close. Brent, which plunged 3.5 per cent on Monday, touched its lowest since February 14 on Tuesday at $64.32 a barrel.
US West Texas Intermediate (WTI) crude futures were at $55.26 per barrel, down 22 cents, or 0.4 per cent.
Analysts said the US, the world’s biggest oil consumer, was keen to counter a recent rally in prices driven by major exporters trimming production. Brent prices gained 8.1 per cent from February 8 to February 22.
