On Friday, the 26th of April 2019, both US and UK crude took a tumble after US President had again urged the Organization of Petroleum Exporting Countries (OPEC), a 14-nation pact of oil exporting nations, to pump up crude production in order to ease petroleum prices.
Apart from US President’s frequent call for a reduced crude oil price, a declined appetite of investors’ after grasping profit of the most robust bull run of crude oil price at least in a year had also pulled the prices below technical support levels, said analysts.
Citing statistics, at the Friday’s (April 26th) market closure, the UK crude plunged 3.6 percent to $71.71 per barrel, while the West Texas Intermediate Crude fell by 3.7 percent to $62.82 a barrel, posting its three-week low.
Meanwhile, mostly being buoyed by a strong sell-off following a record US inventory rise and a surprising drop of US oil rig counts, the US crude wrapped up the week with a 1.8 percent weekly loss, and the UK crude had posted a 0.4 percent of weekly loss.
In point of fact, crude oil future prices had mushroomed more than 40 percent this year following implementation of an OPEC-led production cut of 1.2 million barrels per day and sanctions on Venezuelan state-controlled PDVSA alongside Iranian crude.
However, oil prices had been now 30 percent up this year after Friday’s (April 26th) doddering.