Oil prices extended losses on Friday after the news that U.S. President Donald Trump urged the Organization of the Petroleum Exporting Countries (OPEC) to lower gasoline prices.
The West Texas Intermediate for June delivery was down 1.91 U.S. dollars or 2.93 percent to settle at 63.30 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery was down 2.20 dollars or 2.96 percent to close at 72.15 dollars a barrel on the London ICE Futures Exchange.
Oil prices plunged shortly after the news but managed to finish off the session's lowest levels as data U.S. energy services firm Baker Hughes implied a slowdown in oil-drilling activity.
The number of active U.S. oil drilling rigs dropped by 20 to 805 in the week to April 26, Baker Hughes reported Friday.
Earlier this week, the U.S. administration announced that it will no longer grant sanctions waivers for purchases of Iran's oil, which raised concerns that it may lead to higher oil and gasoline prices.
Source:cctvplus
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