The Globe and Mail reports in its Saturday, April 27, edition that oil prices fell 3 per cent on Friday after President Donald Trump again put pressure on the Organization of the Petroleum Exporting Countries to raise crude production to ease gasoline prices.
A Reuters dispatch to The Globe reports that
Brent crude futures settled at $72.15 a barrel, down $2.20 (all figures U.S.). West Texas Intermediate crude ended at $63.30 a barrel, down $1.91. Brent was flat on the week after rallying for four weeks in a row. WTI saw a 1.2-per-cent weekly loss, breaking its six-week bull run.
Crude futures were up more than 30 per cent this year after OPEC and several allies cut supply by 1.2 million barrels a day, and as sanctions on Venezuela and Iran have reduced output.
On Thursday, Brent rose above $75 a barrel for the first time this year after Germany, Poland and Slovakia suspended imports of Russian crude via a major pipeline due to contamination. Russia, which said it believed the oil could have been deliberately contaminated, plans to restore oil supplies via its key Druzhba pipeline to Europe in two weeks.
Mr. Trump said Friday he had called OPEC and told it to lower crude prices.
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