Brent crude oil futures were at $71.47 per barrel, U.S. West Texas Intermediate crude futures were down 76 cents at $62.84 per barrel.

Oil prices fell on Monday, extending a slump from Friday that ended weeks of rallying, after President Donald Trump demanded that producer club OPEC raise output to soften the impact of U.S. sanctions against Iran.

Oil prices dipped on Friday on expectations that producer club OPEC will soon raise output to make up for a decline in exports from Iran following a hardening of sanctions on Tehran by the United States.

Crude oil prices are expected to average $66 a barrel in 2019 and $65 a barrel in 2020,

Crude oil prices for spot delivery rose to 2019 highs earlier in the week after the United States said on Monday it would end all exemptions for sanctions against Iran, demanding countries halt oil imports from Tehran from May or face punitive action from Washington.

As the BRENT surges past 73$/barrel, it's expected that Brent trades at a premium with regards to the Brent-Dubai Spread Chart.

Oil prices rallied by about 3 percent on Monday to their highest since late 2018 as the United States was set to announce that all imports of Iranian oil must end or be subject to sanctions.

Oil futures edged up on Thursday as a drop in crude exports from OPEC’s de facto leader, Saudi Arabia, and a draw in U.S. drilling rigs and oil inventories supported prices.

Oil prices rose for a second day on Wednesday on signs of strong demand from refineries in China, the world’s second-largest crude user, amid tightening supply as producers curtail output and as oil inventories in the United States fell unexpectedly.

On BRENT ;The Bulls are still gathering through the 71.72$ price mark. A hold of the 63.45$ price mark indicates a strong bull market in the June WTI Futures market,a fall below creates a range bound trade.