Oil steadies after selloff; market eyes Trump intervention

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Oil prices edged higher on Tuesday, finding steady ground after tumbling more than 3 percent in the previous session when U.S. President Donald ...

Share via E-Mail Bookmark SYDNEY: Oil prices edged higher on Tuesday, finding steady ground after tumbling more than 3 percent in the previous session when U.S. President Donald Trump called on OPEC to ease its efforts to boost the market. International Brent futures were at US$64.95 a barrel at 0108 GMT, up 20 cents, or 0.3 percent, from their last close. Brent fell 3.5 percent on Monday when prices hit US$64.54 a barrel - the lowest since Feb. 15. Advertisement U.S.

Trump on Monday expressed concern about oil prices and repeated his previous calls on the Organization of the Petroleum Exporting Countries to keep prices steady. "The warning carries more weight this time around, with U.S. legislators resurrecting a bill that would make the organization subject to antitrust laws in the U.S.," ANZ Bank said in a research note. Advertisement Advertisement OPEC and some non-affiliated producers such as Russia agreed late last year to cut output by 1.

 

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