Oil prices fall after Trump calls on OPEC not to cut supply

By Henning Gloystein

SINGAPORE (Reuters) - Oil prices fell by more than one percent early on Tuesday after U.S. President Donald Trump put pressure on OPEC not to cut supply to prop up the market.

U.S. West Texas Intermediate (WTI) crude oil futures were at $59.00 per barrel at 0014 GMT, down 93 cents, or 1.6 percent from their last settlement.

International benchmark Brent crude oil futures had yet to trade, however both oil price benchmarks have shed more than 20 percent in value since early October.

Saudi Energy Minister Khalid al-Falih said on Monday the Organisation of the Petroleum Exporting Countries (OPEC), which Saudi Arabia de-facto leads, agreed there was a need to cut oil supply next year by around 1 million barrels per day (bpd) from October levels to prevent oversupply.

 

U.S. President Donald Trump put pressure on Saudi Arabia and OPEC not to cut supply in order to prop up the market.

"Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!" Trump wrote on Twitter on Monday.

ANZ bank said on Monday that oil prices saw "a correction ... after U.S. President Trump voiced his disapproval of the move" by OPEC and Saudi Arabia to potentially cut back supply.

(Reporting by Henning Gloystein; editing by Richard Pullin)