Tokyo: Oil prices are stumbling after a 30% rally since Christmas Eve as speculation swirls over whether Organization of the Petroleum Exporting Countries (Opec) will heed US President Donald Trump’s call to temper prices.
Futures in New York extended losses after sliding 3.1% on Monday, the most in four weeks. While crude is still over 25% below a four-year high in October, the US president tweeted on Monday that prices are getting too high and called on Opec to “relax and take it easy”. Oil’s recovery in 2019 has been propelled by output curbs by Opec, with top member Saudi Arabia making the deepest cuts.
