<p class="title">The price of oil sank on Monday after US President Donald Trump urged the OPEC crude producers' cartel to help cut "high" prices and aid the "fragile" world economy.</p>.<p class="bodytext">By 1300 GMT, Brent North Sea crude for delivery in April had sunk $1.58 to $65.54 per barrel compared with Friday's closing level.</p>.<p class="bodytext">The US benchmark West Texas Intermediate for April dropped $1.29 to $55.97.</p>.<p class="bodytext">"Oil prices getting too high. OPEC, please relax and take it easy," Trump tweeted.</p>.<p class="bodytext">"World cannot take a price hike -- fragile!"</p>.<p class="bodytext">Oil prices had traded relatively flat for the morning session but fell sharply following the remarks.</p>.<p class="bodytext">The comments echo Trump's frequent call for the Organization of the Petroleum Exporting Countries (OPEC) to keep production high to limit rising oil prices that hurt economic growth.</p>.<p class="bodytext">Meanwhile, legislation targeting OPEC is advancing in the US Congress, potentially raising new financial and geopolitical challenges for the oil market.</p>.<p class="bodytext">Earlier this month, a House committee approved the "No Oil Producing and Exporting Cartels Act of 2019," or NOPEC, and a version of the bill also has been proposed in the Senate.</p>.<p class="bodytext">The bill would seek to prevent OPEC and allies from adjusting their production levels to affect oil prices.</p>.<p class="bodytext">Under the bill, sovereign immunity would no longer protect OPEC members from Justice Department antitrust enforcement.</p>.<p class="bodytext">OPEC and its unofficial leader, Saudi Arabia, at the end of 2016 reached an agreement with Russia to limit output in order to lift crude prices.</p>.<p class="bodytext">While the legislation enjoys bipartisan support, there is still no timetable for the proposal to be considered by the full Congress.</p>
<p class="title">The price of oil sank on Monday after US President Donald Trump urged the OPEC crude producers' cartel to help cut "high" prices and aid the "fragile" world economy.</p>.<p class="bodytext">By 1300 GMT, Brent North Sea crude for delivery in April had sunk $1.58 to $65.54 per barrel compared with Friday's closing level.</p>.<p class="bodytext">The US benchmark West Texas Intermediate for April dropped $1.29 to $55.97.</p>.<p class="bodytext">"Oil prices getting too high. OPEC, please relax and take it easy," Trump tweeted.</p>.<p class="bodytext">"World cannot take a price hike -- fragile!"</p>.<p class="bodytext">Oil prices had traded relatively flat for the morning session but fell sharply following the remarks.</p>.<p class="bodytext">The comments echo Trump's frequent call for the Organization of the Petroleum Exporting Countries (OPEC) to keep production high to limit rising oil prices that hurt economic growth.</p>.<p class="bodytext">Meanwhile, legislation targeting OPEC is advancing in the US Congress, potentially raising new financial and geopolitical challenges for the oil market.</p>.<p class="bodytext">Earlier this month, a House committee approved the "No Oil Producing and Exporting Cartels Act of 2019," or NOPEC, and a version of the bill also has been proposed in the Senate.</p>.<p class="bodytext">The bill would seek to prevent OPEC and allies from adjusting their production levels to affect oil prices.</p>.<p class="bodytext">Under the bill, sovereign immunity would no longer protect OPEC members from Justice Department antitrust enforcement.</p>.<p class="bodytext">OPEC and its unofficial leader, Saudi Arabia, at the end of 2016 reached an agreement with Russia to limit output in order to lift crude prices.</p>.<p class="bodytext">While the legislation enjoys bipartisan support, there is still no timetable for the proposal to be considered by the full Congress.</p>