2018-11-13
Oil prices fell about 1 percent on Tuesday as Brent crude fell below $ 70 a barrel and US crude fell below $ 60 after US President Donald Trump pressed Opec not to cut supplies to support the market.
 
The decline came at a time when the dollar is hovering near a 16-month high, increasing the cost of importing oil to countries using other currencies.
 
By 0740 GMT, US West Texas Intermediate crude futures were $ 59.22 a barrel, down 70 cents, or 1.2 percent, from the previous settlement.
 
Brent crude futures were $ 69.41 a barrel, down 71 cents, or 1 percent, from the previous close.
 
Brent and West Texas Intermediate crude have fallen more than 20 percent since early October.
 
Bank of America Merrill Lynch said in a note that "very high production in the United States, along with growing supplies coming from Saudi Arabia and Russia are beginning to affect the oil market stocks. Crude oil inventories are starting to rise again. "