President Trump lashed out at OPEC with a warning to stop manipulating oil markets and piled pressure on close US allies in an interview that aired on Sunday with a threat to sanction European companies that do business with Iran.
Also weighing on oil demand are trade disputes between the United States and other major economies including China, the European Union, India and Canada.
On May 8, President Donald Trump officially withdrew the USA from the UN-endorsed nuclear agreement and threatened Iran with worst sanctions.
Donald Trump is urging oil producing countries except Iran to boost output. Also, a narrowing spread between Brent crude and Dubai oil gives Indian Oil even more options, the head of the state-run refiner known as International Olympic Committee, one of Iran's largest customers, said in an interview.
"Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & dysfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference", Trump wrote on Twitter.
"Yes, of course. That's what we're doing".
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Some drivers honked in support, while others were frustrated by the delays on the Brooklyn Bridge. They taped their protest signs, written in English and Spanish, to its grand wooden doors.
Russian Federation and Saudi Arabia will face "dire consequences" if they increase their oil production, the head of the state energy firm said.
"OPEC is manipulating, and you know they allowed (a production increase) less than we thought last week. Since Venezuela and Libya failed to produce, OPEC countries made a decision to increase their output by one million barrels to compensate", Sonatrach's CEO noted, adding: "This is why prices stand at the same level". Trump will leave for a trip to Europe later this month for a meeting with North Atlantic Treaty Organisation allies, whom he has criticised sharply for paying too little for their joint defence.
On trade, the president said in the Fox interview that he was not happy with the North American Free Trade Agreement and would not agree a new one until after the November elections.
The global oil benchmark Brent traded at a premium of $3.68 a barrel to Dubai crude on Monday, down from an nearly four-year high of $4.61 a barrel in April, according to data from broker PVM Oil Associates.