26.02.201905:10:00UTC+00Oil Up Slightly In Cautious Trade

Oil prices recovered some ground on Tuesday after falling sharply in the previous session as U.S. President Donald Trump tweeted about OPEC and rising prices.

Trump tweeted: "Oil prices getting too high. OPEC, Please relax and take it easy. World cannot take a price hike."

Global benchmark Brent crude rose half a percent to $65.22 a barrel after losing 3.3 percent on Monday to retreat from three-month highs. U .S. crude futures were marginally higher at $55.51 per barrel.

Saudi Aramco's chief executive said today the oil industry is facing "a crisis of perception" and the industry needs to push back exaggerated theories like peak oil demand.

Goldman Sachs said in a report that the oil market continues to tighten significantly and Brent crude prices will likely reach $70 to $75 a barrel in the near term.

Investors also keep an eye on ongoing talks between the U.S. and China after Trump said the discussions are in the advanced stages.