By Srinivas Chowdary Sunkara // petrobazaar // 26th Feb, 2019.
Brent prices nosedived by $2.36 to $64.76 and WTI prices ripped lower by $1.78 to $55.48 a barrel last night. Both the crude futures lost above 3 percent after reversing earlier gains. It was a surprise to the market that a Trump's tweet could trigger the oil prices down when all other parameters are pointing to bullishness in the week.
A tweet from Trump asking OPEC to relax on high oil prices, Dented the efforts of OPEC to bring oil prices up. This tweet sparked speculation as the market assumed that there will be another round of waivers granted to the buyers of Iranian oil, That is why markets reacted negatively. Producers council need to have a due diligence on supply and demand equilibrium to protect the fragility of oil dependent economies. Asian markets are opened down today as the prices are continued to be under pressure. Now, Markets are looking at U.S-China trade talks, Venezuela situation and Nigeria elections for further direction. Good day.
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