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Oil futures reverse sharply lower as Trump tells OPEC to ‘relax’ on prices
Prices revisited 3-month highs earlier, boosted by signs of U.S.-China trade progress
Crude-oil futures traded sharply lower Monday, with U.S. benchmark crude dropping from a three-month high earlier in the session to a one-week low, as President Donald Trump called on OPEC to further prevent rising prices.
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In recent trading, April West Texas Intermediate crude CLJ9, -3.16% was down $1.93, or 3.4%, at $55.33 a barrel on the New York Mercantile Exchange—poised for the lowest finish since Feb. 15. It earlier traded as high as $57.53. The contract’s settlement Friday at $57.26 marked a most-active contract’s loftiest close since Nov. 12, according to FactSet data. For last week, WTI rose roughly 3%.
Global benchmark April Brent LCOJ9, -3.69% fell $2.25, or 3.4%, at $64.87 a barrel on ICE Futures Europe, having traded above $67 earlier. Friday’s finish also represented its highest since Nov. 12. The international benchmark gained 1.3% for last week, its second weekly gain in a row.
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https://www.marketwatch.com/story/oil-fu...latestnews
Prices revisited 3-month highs earlier, boosted by signs of U.S.-China trade progress
Crude-oil futures traded sharply lower Monday, with U.S. benchmark crude dropping from a three-month high earlier in the session to a one-week low, as President Donald Trump called on OPEC to further prevent rising prices.
...
In recent trading, April West Texas Intermediate crude CLJ9, -3.16% was down $1.93, or 3.4%, at $55.33 a barrel on the New York Mercantile Exchange—poised for the lowest finish since Feb. 15. It earlier traded as high as $57.53. The contract’s settlement Friday at $57.26 marked a most-active contract’s loftiest close since Nov. 12, according to FactSet data. For last week, WTI rose roughly 3%.
Global benchmark April Brent LCOJ9, -3.69% fell $2.25, or 3.4%, at $64.87 a barrel on ICE Futures Europe, having traded above $67 earlier. Friday’s finish also represented its highest since Nov. 12. The international benchmark gained 1.3% for last week, its second weekly gain in a row.
...
https://www.marketwatch.com/story/oil-fu...latestnews
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