Oil Prices Start the Week Lower Amid Rising U.S., Russia Output
Oil prices were lower on Friday amid increasing U.S. output and as Iran criticized the U.S. for asking Saudi Arabia to output more oil to cover Iranian exports.
Crude oil futures decreased 0.86% to $65.38 a barrel as of 11:02 AM ET (15:02 GMT). Meanwhile Brent crude
Brent Oil
futures, the benchmark for oil prices outside the U.S., fell 1.46% to $76.19
U.S. President Donald Trump pulled out of a nuclear accord deal with Iran last month and has unofficially asked Saudi Arabia and other Organization of the Petroleum Exporting Countrie and Russia countries to increase supply.
Tehran spoke out against the request on Friday, saying OPEC would not heed the appeal.
Reuters reported May 25 that OPEC was considering raising supply by one million barrels per day as early as June, as the organization faces losses from Venezuela and Iran.