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The drop in oil prices after the US said that Saudi Arabia pledged to increase production when needed
Oil prices fell early on Monday after the White House said the Saudi monarch had promised US President Donald Trump to increase output when needed.
By 2250 GMT, US WTI crude for August delivery fell 65 cents, or 0.9 percent, to $ 73.50 a barrel after rising 8 percent last week. Reaching a low of $ 72.51 a barrel.
On Friday, US crude rose to $ 74.46 a barrel, the highest level since November 2014, and rebounded on fears that US sanctions on Iran would cut a large amount of crude oil from world markets at a time of growing global demand.
Brent crude fell 55 cents, or 0.7 percent, to $ 78.68 after adding more than five percent last week.
The White House said on Saturday the Saudi monarch had promised Trump that the kingdom would increase oil production if needed and that it had the capacity to produce an additional 2 million barrels per day.
The White House said Trump told King Salman bin Abdul Aziz al-Saud that the oil market may need to increase production when the two leaders spoke on Friday. The White House said in a statement that the king was ready to increase production when needed.
Trump attacked the Organization of the Petroleum Exporting Countries (OPEC), warning them to stop tampering with the world oil markets and intensified pressure on Washington's close allies threatened to impose sanctions on European companies dealing with Iran.
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