Oil Contracts Are Retreating For The Second Day Of Criticism Of OPEC Trump

Oil prices finished trading in the red zone in European trading on Tuesday after falling on Tuesday after US President Donald Trump's attacks on the Organization of the Petroleum Exporting Countries (OPEC) and efforts to implement oil production restrictions to stabilize the market.

Trump asked the organization to keep quiet when it came to production cuts because crude oil prices rose a lot in his opinion. He also warned that the situation with oil was "fragile" and that it would have serious consequences all over the world.

In addition to growing concerns about global demand volumes if the United States and China fail to reach a trade deal, the deadline is extended beyond March 1 without setting a date.

Saudi Aramco CEO: Demand for oil is increasing

Saudi Aramco chief executive Amin Nasser said on Tuesday he believed demand for oil would increase "significantly". According to the official, the increase in demand will be mostly promoted by the transport sector.

However, commenting on the different views of the oil industry, he stressed that the forecasts that point to the end of the crude oil industry have not been backed by facts or logic, and they are merely a reflection of the current pressures and the noise in the oil market. Nasser also noted that the peak oil demand theory was "overstated".

Oil futures trading

  • Crude oil prices were mixed with the WTI losing 0.18% to trade at $ 55.36 a barrel at 10:14 GMT
  • While Brent crude for the same month rose 0.15% to $ 64.78 a barrel. At 10:15 am CET.

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