Falling oil prices on production increase in Saudi Arabia and Russia

Liputan6.com, Jakarta – World oil prices fell on Monday, boosted by increased supplies from Saudi Arabia and Russia. Economic growth in Asia has declined due to trade disputes with the United States

CNBC quote Tuesday (3/7/2018), Brent crude oil price fell 1.93 USD per barrel or 2, 4 percent to 77.3 USD per barrel. US crude dropped 21 cents to $ 73.94 a barrel

In its Twitter account US President Donald Trump claimed to have telephoned King Salman to increase oil production by 2 millions of barrels to keep prices stable. This is because the current conditions of oil countries like Iran and Venezuela are boiling.

A Reuters study showed Saudi Arabia's oil production increased by 700,000 barrels a day in May, reaching a record of 10.72 million bpd in November 2016

"It seems there have considerable uncertainty about the amount of oil added to the market to offset the global oil shortage, "said Gene McGillian, vice president of Market Research Tradition Energy in Stamford, Connecticut.