Oil falls after Trump says he pressed OPEC to make up for Iranian sanctions

A Petrobras oil platform floats in the Atlantic Ocean near Guanabara Bay in Rio de Janeiro. Getty Images

Oil prices fell on Monday, extending a slump from Friday that ended weeks of rallying, after President Donald Trump claimed that he demanded OPEC raise output to soften the impact of U.S. sanctions against Iran.

Brent crude futures were down 14 cents at $72.01 a barrel around 8:35 a.m. ET (1235 GMT). U.S. West Texas Intermediate crude futures lost 14 cents to $63.16.

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Both benchmarks fell around 3% in the previous session, after Trump said he told OPEC to lower oil prices.

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 on Friday.

Spoke to Saudi Arabia and others about increasing oil flow. All are in agreement

the president later tweeted.

The national average U.S. gasoline price is actually still rising, and sources denied that several high-level OPEC and Saudi officials spoke to Trump.

Trump’s remarks 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.

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