SINGAPORE / SYDNEY: Oil prices slipped on Tuesday, extending losses of more than 3 percent during the previous session, after US President Donald Trump called on OPEC to ease its efforts to boost the market.
International Brent futures were at $64.66 a barrel at 0346 GMT, down 10 cents, or 0.2 percent, from their last close. Brent, which plunged 3.5 percent on Monday, fell to as low as $64.32 a barrel on Tuesday, the lowest since Feb. 14.
US West Texas Intermediate (WTI) crude futures were at $55.19 per barrel, down 29 cents, or 0.5 percent. WTI futures dropped 3.1 percent on Monday.
Analysts said the United States, the world’s biggest oil consumer, was keen to counter a recent rally in prices driven by major exporters trimming production. From Feb. 8 to Feb. 22, Brent prices gained 8.1 percent.
Trump on Monday expressed concern about oil prices and repeated his previous calls on the Organization of the Petroleum Exporting Countries (OPEC) to keep prices steady.
“The warning carries more weight this time around, with US legislators resurrecting a bill that would make the organization subject to antitrust laws in the US,” ANZ Bank said in a research note.
OPEC and some non-affiliated producers such as Russia agreed late last year to cut output by 1.2 million barrels per day (bpd) to prevent a large supply overhang from growing.
Saudi Arabia, the world’s largest oil exporter, recently estimated its production will fall in March by more than anticipated under the supply-reduction agreement, to 9.8 million bpd.
Analysts also noted that while Trump is attempting to ease prices lower, sanctions by the United States against oil exporters Iran and Venezuela have contributed to the recent gains and are providing a floor for prices.
“The US is well aware that their sanctions on Iran and Venezuela are also helping oil prices remain bid and they are not in a position to abandon those stances,” said Edward Moya, a senior market analyst at brokerage OANDA.
“The timing of the President’s tweet could be extremely ideal as he may have helped nudge many oil traders in closing out bullish positions.”
Oil dips after Trump calls on OPEC to ease high prices
Oil dips after Trump calls on OPEC to ease high prices
- Donald Trump on Monday expressed concern about oil prices and repeated his previous calls on the OPEC to keep prices steady
- ‘The US is well aware that their sanctions on Iran and Venezuela are also helping oil prices remain bid and they are not in a position to abandon those stances’
Closing Bell: Saudi main index closes in red at 10,847
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 58.51 points, or 0.54 percent, to close at 10,847.93.
The total trading turnover of the benchmark index was SR3.78 billion ($1 billion), as 73 of the listed stocks advanced, while 187 retreated.
The MSCI Tadawul Index decreased, down 7.09 points or 0.48 percent, to close at 1,472.98.
The Kingdom’s parallel market Nomu lost 178.75 points, or 0.77 percent, to close at 22,916.83. This comes as 30 of the listed stocks advanced, while 37 retreated.
The best-performing stock was the Power and Water Utility Co. for Jubail and Yanbu, with its share price surging by 8.47 percent to SR31.24.
Other top performers included Saudi Paper Manufacturing Co., which saw its share price rise by 6.13 percent to SR53.70, and Jamjoom Pharmaceuticals Factory Co., which saw a 4.58 percent increase to SR137.
On the downside, the worst performer of the day was CHUBB Arabia Cooperative Insurance Co., whose share price fell by 5.14 percent to SR17.53.
Saudi Kayan Petrochemical Co. and Arabian Internet and Communications Services Co. also saw declines, with their shares dropping by 4.87 percent and 4.43 percent to SR4.88 and SR181.40, respectively.
On the announcement front, Saudi Kayan Petrochemical Co. announced its annual financial results for 2025, with sales dropping 3.06 percent year-on-year to SR8.45 billion. The company also recorded a net loss of SR893.86 million.
In a Tadawul statement, the company said the net loss and decline in annual sales were driven by a drop in average selling prices, despite higher sales volumes.
