Oil prices tumbled more than 3 percent on Monday after President Donald Trump publicly urged OPEC to lower the cost of crude, putting pressure on the Saudi-led group to soften its price-boosting output cuts.
“Oil prices getting too high. OPEC, please relax and take it easy. World cannot take a price hike – fragile!” the president said in an early morning tweet.
The message comes two months into a fresh round of production cuts from OPEC and other nations. The producers meet in mid-April to review the deal, which is scheduled to last through the first six months of 2019.
U.S. West Texas Intermediate crude futures ended Monday’s session down $1.78, or 3.1 percent, at $55.48 a barrel. On Friday, WTI hit a more than three-month intraday high at $57.81 a barrel.
International benchmark Brent crude futures fell $2.36, or 3.5 percent, at $64.76 a barrel. Brent hit $67.73 a barrel on Friday, its highest intraday level since mid-November.
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