US President Donald Trump’s push for lower energy prices has prompted brokers to slash their oil price targets and investors to rapidly pull money from the sector.
Oil dropped to near its lowest point in six months on Monday amid concern about the outlook for demand under a Trump presidency. Brent crude is trading near $US70 a barrel, while US West Texas Intermediate has fallen below $US67 after seven weeks of relentless selling.
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Joanne Tran is a markets reporter for The Australian Financial Review in the Sydney newsroom. Connect with Joanne on Twitter. Email Joanne at jo.tran@afr.com
