Oil prices have continued their downward spiral this week after US President Donald Trump urged Saudi Arabia and OPEC not to cut their production.
Taking to Twitter on Monday, Trump said: "Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!" The comments caused West Texas Intermediate (WTI) to fall 7% to $55.7 a barrel, its largest one-day drop since September 2015, while Brent Crude suffered its twelfth consecutive drop on Tuesday, falling 6.6% to $65.5 a barrel. This means both benchmarks have now declined more than 25% since last month and are now in a bear market - defined as a 20% drop from a recent high. Opinion: The two key risks driving the oil pr...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
