Washington, February 25: A 'Trump effect' on oil prices was witnessed on Monday as a tweet by the US President reprimanding the OPEC led to a 2 per cent drop in the crude rates. The prices sunk by around 2 per cent, bringing brent crude to $64.96, whereas, WTI crude plunged to $55.26.

Market analysts said the fresh reduction in prices - coming after nearly two months of OPEC's production-cut measures to consolidate the oil rates - was a direct result of President Donald Trump marking his dissent against the Organization of the Petroleum Exporting Countries. PM Modi 'Vocal' About India's Concern, OPEC to Consider His Views Seriously: Saudi Oil Minister.

The oil producing nations were asked by Trump to "relax", and not to add further stress on a struggling global economy by increasing the fuel prices.

"Oil prices getting too high. OPEC, please relax and take it easy. World cannot take a price hike - fragile! (sic)," the President tweeted.

The 20 member nations of OPEC, who met in Vienna in December last year, had marked concerns over continuing to supply oil at current market rate -- which they consider below par.

The group is scheduled to reconvene in mid-April, to finalise their policies for the next six months of 2019.

Despite the chorus growing among OPEC countries to increase the oil prices -- to boost their earnings -- the group's kingpin Saudi Arabia in a delicate position. Riyadh is keen not to incur Trump's wrath as relations between the two countries become increasingly complicated in the wake of the murder of opposition journalist Jamal Khashoggi.

(The above story first appeared on LatestLY on Feb 25, 2019 10:33 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).