Global oil prices turned sharply lower Monday after President Donald Trump targeted OPEC members in a Tweet that cautioned on the impact of higher crude on a fragile world economy.
The Tweet followed another set of fresh three-month highs for oil prices following a jump in global risk assets after the President said he would delay new tariffs on China-made goods, which were set to kick-in on March 1, thanks to what he called "substantial progress in trade talks between Washington and Beijing.
Brent crude contracts for April delivery, the global benchmark, were marked $1.34 lower from their Friday close in New York and changing hands at $65.78 per barrel while WTI contracts for the same month were seen $1.15 lower at $56.11 per barrel.
Oil prices were also pressed by data last week from the Energy Information Administration whihch said U.S. output hit 12 million barrel a day last week, the highest on record and a jump of more nearly 2 million barrels per day from the same period last year.
Crude exports, as well, rose to a record 3 million barrels while domestic stockpiles grew by 3.7 million to just over 454 million.