LONDON: Oil prices fell on Monday, extending the Friday decline that halted a weeks-long rally, after President Donald Trump demanded that producer club OPEC raise output to soften the impact of U.S. sanctions against Iran.
"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. The rally had gained momentum in April after Trump tightened sanctions against Iran by ending all exemptions previously granted to that major buyers. "We are of the view that Saudi Arabia will increase output as soon as May, something they were likely to do anyway in the lead up to summer," ING bank said.
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