Brent oil edged up to $65 a barrel on Tuesday as Saudi Arabia and the rest of The Organization of the Petroleum Exporting Countries (Opec) were expected to stick to their production cuts, despite renewed pressure from US President Donald Trump.
Prices slid on Monday, when many traders were out of the office attending IP Week, a series of industry events in London, after Trump called on Opec to ease its efforts to boost the oil market. Prices were “getting too high”, the president said.
“Yesterday was a typical price action you see during IP Week, when you have a headline,” said Olivier Jakob, oil analyst at Petromatrix. “But, I don’t think it will change anything in the current OPEC supply policy.”
