Oil prices under pressure after slipping into negative territory for the first time – The National

Oil prices under pressure after slipping into negative territory for the first time – The National

US benchmark West Texas Intermediate swung back into positive single digits while Brent languished at 18-year lows as President Trump pledges to support American producers. Oil prices were under pressure on Tuesday, a day after US crude fell into negative territory for the first time as the markets remained unprepared for a supply glut with storage options close to saturation.. West Texas Intermediate, which tracks North American crude grades, traded in positive single digits late Tuesday after slipping back into the negative during early trading.. The US benchmark's May contract was up 114.32 per cent, trading at $5.39 per barrel at 8.19pm UAE time, while Brent sunk to an 18-year low, declining 23.66 per cent to trade at $19.52 per barrel.. US crude for May settlement, which expires Tuesday, was revived into positive territory after the US President Donald Trump pledged to support the industry.. "We will never let the great US oil & gas industry down," Mr Trump tweeted on late Tuesday.. "I have instructed the Secretary of Energy and Secretary of the Treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future.". The