Crude oil prices and energy-related exchange traded funds stumbled on Monday after President Donald Trump asked the Organization of Petroleum Exporting Countries to “take it easy” on its supply cuts with prices steadily gaining since the start of the year.
The United States Oil Fund (NYSEArca: USO), which tracks West Texas Intermediate crude oil futures, declined 3.1% and the United States Brent Oil Fund (NYSEArca: BNO), which tracks Brent crude oil futures, decreased 3.4% on Monday.
Meanwhile, WTI crude oil futures were down 3.3% to $55.4 per barrel and Brent crude was 3.8% lower to $64.6 per barrel on Monday.
“Oil prices getting too high. OPEC, please relax and take it easy. World cannot take a price hike – fragile!” President Trump said in an early morning tweet Monday.
Trump’s urging comes after a fresh round of price-bolstering production cuts out of the oil cartel and other oil-producers, CNBC reports. The producers will meet in mid-April to review its ongoing production plans.