Oil prices fell by more than 1 per cent on Tuesday, with Brent crude sliding below $70 and WTI below $60 per barrel, after US President Donald Trump put pressure on OPEC not to cut supply to prop up the market.
US West Texas Intermediate (WTI) crude oil futures were at $59.06 per barrel at 0115 GMT, down 87 cents, or 1.5 per cent from their last settlement.
International benchmark Brent crude oil futures were at $69.17 per barrel, down 95 cents, or 1.4 percent, from their last close.
Both oil price benchmarks have shed more than 20 per cent in value since early October.
“Sky-high production in the US, coupled with incremental barrels coming from Saudi Arabia and Russia is starting to impact oil market balances. As such, crude oil inventories are starting to increase once again,” Bank of America Merrill Lynch said in a note.
The bank added that it expected U.S. crude production which is already at a record 11.6 million barrels per day (bpd), to break through 12 million bpd in 2019,…
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