Brent falls to 3-week low as Trump pressures OPEC to increase output

Brent crude prices fell on European markets on Monday, extending losses for the third day in a row, hitting a three-week low, due to the renewed demands from US President, Donald Trump, for OPEC to increase their production and to lower the prices.

As of 11:00 GMT, Brent crude fell to $70.95 a barrel from the opening level at $71.19, and recorded a high of $71.45, and the lowest level since April 11th at $70.62.

Brent crude futures rose 4.4% on Friday, in the second consecutive daily loss and the highest daily loss this year, by the correction processes from a six-month high of $75.60 per barrel, and after Donald Trump's comments.

Over the past week, global oil prices have lost an average of 1.5%, in its first weekly loss in two months, to end the longest weekly gain since late 2012.

US President, Donald Trump, told the news reporters on Friday that he had contacted OPEC and asked the Organization to increase production and lower prices.

Trump has repeatedly demanded OPEC and the Gulf producers to pump more production and push prices down, both to cope with the deteriorating global economic situation and to offset production shortfalls.

Trump's comments come as the "OPEC Plus" alliance is likely to increase production in the second half of this year, to counter supply shortages from Iran, Libya and Venezuela.