Brent oil price falls after Trump statements

Oil prices fell today after U.S. President Donald Trump demanded that OPEC raise output to soften the impact of U.S. sanctions against Iran.

Brent crude futures were at $71.66 per barrel at 0648 GMT, down 49 cents, or 0.7%, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $62.87 per barrel, down 43 cents, or 0.7%, from their previous settlement, Reuters reported.

On Friday, Trump asked the Organization of the Petroleum Exporting Countries (OPEC) to lower oil prices. The statement triggered a selloff, putting at least a temporary ceiling on a 40 percent price rally in oil prices since the start of the year.