Brent extends Friday’s slump after the US president demands that the producer club raise production to soften the effect of US sanctions against Iran
An Iranian crude oil supertanker anchored off Singapore. Picture: REUTERS
The statement triggered a sell-off, putting at least a temporary ceiling on a 40% price rally in oil prices since the start of the year. Traders said the market was shifting its focus on the voluntary supply cuts led by the Middle East-dominated Opec since the start of the year. Russia has said it would be able to meet China’s oil demand needs as Beijing tries to replace the imports it usually gets from Iran.
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