Oil prices plunge 4% after Trump says he told OPEC to tame fuel costs.
Oil prices tumbled 4% on Friday, extending early losses after U.S. President Donald Trump said he told OPEC to take action to temper fuel costs.
Brent crude futures were down $2.97, or 4%, at $71.38 per barrel around 11:05 a.m. ET . Brent was down nearly 1% for the week, threatening to fall short of a fifth weekly price gain, which would be the longest stretch in a year. The administration said it has secured commitments from Saudi Arabia, UAE and other allies to fill any gap left by the anticipated drop in Iranian supplies.
"The end of the U.S. waivers on Iran exports will be offset by higher core-OPEC and Russia and as a result we do not expect further price upside, even if volatility is likely to increase in coming months," U.S. bank Goldman Sachs said.
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