Trump calls for relief for US oil and gas industry, OPEC calls meeting

US President Donald Trump reiterated his support for America's oil and gas industry on Tuesday, saying his administration was working on relief measures for the sector.

"We will never let the great U.S. Oil & Gas Industry down," Trump said in a message posted to his account on Twitter.

"I have instructed the Secretary of Energy and Secretary of the Treasury to formulate a plan which will make funds available so that these very important companies and jobs will be secured long into the future!"

Overnight, Trump said Washington was studying the purchase of 75m barrels of oil for the country's strategic petroleum reserves or possibly allowing firms to store oil in the SPR.

In the background, reports indicated that the Organisation for Petroleum Exporting Countries was organising a conference call between member states' energy ministers.

Against that backdrop, as of 1608 GMT, front month West Texas Intermediate crude oil futures for June delivery were 38.5% lower at $14.75 per barrel and similarly-dated Brent was down by 25.2% at $20.41.