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Thomson Reuters
TOKYO (Reuters) – Oil prices fell on Monday, following comments by the White House that the Saudi leader has promised President Donald Trump that he could increase oil production if necessary.
U.S. West Texas Intermediate crude for August delivery was down 65 cents or 0.9% to $ 73.50 per barrel at 2250 GMT after rising more than 8% last week. He received a minimum of $ 72.51.
The contract reached a high of $ 74.46 on Friday, the highest since November 2014, due to fears that US sanctions against Iran will remove a substantial volume of crude oil from world markets at a time when global demand is increasing.
London Brent crude fell 55 cents, or 0.7 percent, to $ 78.68, after gaining more than 5 percent last week. The leader of Saudi Arabia has promised President Donald Trump that he could increase oil production if needed and that the country has 2 million barrels a day of spare capacity, the White House announced Saturday. . suggest that the Saudis were in agreement to increase the production of this amount.
Trump told King Salman bin Abdulaziz Al Saud that the oil market might need more supplies when the men spoke on Friday, said the White House. The Saudi leader has said he is ready to increase production if necessary, the White House said in a statement.
President Trump issued a warning to OPEC to prevent it from manipulating the oil markets and intensifying the pressure on US allies in an interview broadcast Sunday with the threat of sanctioning the European companies doing business with Iran.
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(Report by Osamu Tsukimori, edited by Richard Pullin)
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