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Yashika Diwan
Oil prices fell on Monday in Asia, pressured by reports that U.S. President Donald Trump asked the Organization of the Petroleum Exporting Countries (OPEC) to lower oil prices.
U.S. Crude Oil WTI Futures fell 0.6% to $62.95 by 12:45 AM ET (04:45 GMT), while International Brent Oil Futures dropped 0.6% to $71.21.
“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.
Oil prices failed to recover even after OPEC’s Secretary General Mohammed Barkindo later denied having spoken with the president.
Last week, oil prices rose after Trump announced that he was ending all sanction waivers for importers of Iranian oil, although Brent was under some pressure following a Reuters report that said Germany, Poland and Slovakia halted imports of Russian oil via a major pipeline due to “poor quality.”