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Oil prices slumped Wednesday, extending losses from their worst month in two years, after data showed US crude inventories rose unexpectedly.
Oil prices jumped Monday as reports the Organization of Petroleum Exporting Countries production hit its highest level this year failed to ease mounting supply concerns amid a war of words between the US and Iran.
Saudi Arabia's state-run oil giant cut its prices on Thursday for first time since February after President Donald Trump lashed out at OPEC for rising US gas prices.
"Please stop it, otherwise it will go even higher!" Iran's OPEC Governor Hossein Kazempour Ardebili said in a statement, according to the country's Shana news agency.
Oil rallied more than 2% on Wednesday as data showed US crude inventories last week saw the largest drawdown in nearly two years.
Oil prices fell Monday after OPEC and other supply-cutting countries led by Russia agreed to gradually ease oil supply cuts that have been in place for nearly two years.
Stocks fell Thursday, with the Dow Jones industrial average declining for an eighth straight day, as trade tensions persisted among the US and multiple countries. The dollar and Treasury yields fell.
Crude prices slid Thursday as OPEC and other supply-cutting countries moved closer to a deal to ease supply cuts that have been propping up prices for two years.
US officials have reportedly asked Saudi Arabia and other supply-cutting countries to raise output by about a million barrels per day.
Oil fell Friday morning as markets mulled the future of OPEC supply cuts, as well as rising crude production and falling stockpiles in the US.