By Henning Gloystein
SINGAPORE (Reuters) – Oil prices fell by more than 1 percent on Tuesday, with Brent crude sliding below $70 and WTI below $60 per barrel, 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 $59.06 per barrel at 0115 GMT, down 87 cents, or 1.5 percent from their last settlement.
International benchmark Brent crude oil futures (LCOc1) 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 percent in value since early October.
GRAPHIC: Oil prices are falling – https://tmsnrt.rs/2Qyh6nz
“Sky-high production in the U.S., 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 (NYSE:BAC) said in a note.