Oil prices fall after Trump's remarks

Oil prices fall after Trump's remarks

Oil prices plunged again, with Brent crude seeing its 2018 gains wiped out as concerns about swelling global supplies continued to sour sentiment among investors.

Brent fell as much as 7.6%, or $5.08 a barrel, to hit $61.71, its lowest point in more than 11 months. WTI crude dropped as much as 7%, or $3.99 a barrel, to $52.77 — its weakest level since October 2017, the FT reported.

U.S. President Donald Trump reinforced these expectations yesterday evening when he called the kingdom a "steadfast partner" despite probes linking the killing of journalist Jamal Khashoggi to Mohammed bin Salman, the Saudi crown prince and de facto ruler of the country.

The president’s statement prompted a new leg down in the oil price, which was already under pressure amid a broad sell-off in assets tied to economic growth. There was also a sharp slide in world equity markets, led by technology stocks.

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