U.S. crude falls below $30 as Fed move fails to calm markets

U.S. crude falls below $30 as Fed move fails to calm markets

LONDON (Reuters) - U.S. crude fell below $30 on Monday as emergency rate cuts by the U.S.. To combat the economic fallout of the pandemic, the Fed on Sunday cut its key rate to near zero, triggering an unscheduled easing by the Reserve Bank of New Zealand to a record low as markets in Asia opened for trading this week.. Brent's premium to WTI is close to its narrowest since 2016, making U.S. crude oil uncompetitive in international markets.. President Donald Trump said on Friday that the United States would take advantage of low oil prices and fill the nation's emergency crude oil reserve, in a move aimed to help energy producers struggling from the price plunge.. Oil prices have also been under intense pressure on the supply side, as top exporter Saudi Arabia ramped up output and slashed prices to increase sales to Asia and Europe..