Oil prices fell on Monday, extending a slump from Friday that ended weeks of rallying, after President Donald Trump demanded that producer club OPEC raise output to soften the impact of U.S. sanctions against Iran, ONA reports quoting Reuters.
“Gasoline prices are coming down. I called up OPEC, I said you’ve got to bring them down. You’ve got to bring them down,” Trump told reporters.
The statement triggered a selloff, putting at least a temporary ceiling on a 40 percent price rally in oil prices since the start of the year.
The rally had gained momentum in April after Trump tightened sanctions against Iran by ending all exemptions that major buyers especially in Asia previously had.
Traders said the market was shifting its focus on the voluntary supply cuts led by the Middle East dominated producer club OPEC since the start of the year.
The cuts have been supported by some non-OPEC producers, most notably Russia, but analysts said this cooperation may not last beyond a meeting between OPEC and its other allies, a group known as OPEC+, scheduled for June.
Russia has said it would be able to meet China’s