Oil falls on prospect of Trump pushing up crude supplies
Oil markets sank on Friday, a day after U.S. President Donald Trump pressured OPEC and its de facto leader Saudi Arabia to lower prices in a broad push to drive up crude production.
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Shrinking U.S. crude inventories, which hit their lowest level since March 2022 last week according to the U.S. Energy Information Administration, kept oil prices from falling further. The EIA report, issued a day late because of a U.S. holiday on Monday, said crude stockpiles fell by 1 million barrels to 411.7 million barrels in the week to Jan. 17, marking a ninth consecutive weekly decline.