Oil prices have fallen, despite a surprise decline in US inventories and on-going OPEC-led supply cuts.
According to latest data from the US Department of Energy, US crude inventories fell by 1.4 million barrels in the week to 12 April. Analysts had anticipated an increase of 1.7 million barrels.
Brent crude oil is now down 0.5% to $71.24 a barrel.
West Texas Intermediate oil meanwhile has fallen 0.4% to $63.52 a barrel.
Oil prices fell on Monday, after Russia's finance minister Anton Siluanov said Russia and OPEC may decide to boost production to fight the US for market share.
"There is a dilemma. What should we do with OPEC: should we lose the market, which is being occupied by the Americans, or quit the deal?" Mr Siluanov told Russian state news agency Tass.
"(If the deal is abandoned) the oil prices will go down, then the new investments will shrink, American output will be lower, because the production cost for shale oil is higher than for traditional output."
Brent crude oil is now down 0.5% to $71.23 a barrel.
West Texas Intermediate oil meanwhile has fallen 0.6% to $63.50 a barrel.
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Oil prices have climbed to their highest level since November last year.
Brent Futures topped $70 a barrel this morning.
The price has been driven upwards by OPEC’s ongoing supply cuts, US sanctions against Iran and Venezuela, and strong US jobs data.
“Brent prices increased more than 30% year-to-date as OPEC continued to cut supply for four months in a row and optimism over US-China trade talks helped to buoy the demand outlook,” US bank J.P.Morgan said in a note.
Oil prices jumped by over 1% on Friday on expectations that oil supplies could be tightened by an escalating conflict in Libya, as well as positive US employment data, which allayed fears that global demand for crude could weaken.
Brent crude oil is now up 1.2% to $70.29 a barrel.
West Texas Intermediate oil has risen 1.4% to $62.97 a barrel.
Meanwhile oil prices have climbed to fresh 2019 highs this morning.
Brent crude oil futures currently stands at $69.22 a barrel.
The price has been supported by firm Chinese economic data that eased demand concerns, as well as the possibility of more sanctions on Iran and further Venezuelan supply disruptions.
Donald Trump's tweet, calling on Opec to increase oil supply, appears to have sparked a fall in the price of oil.
Crude oil futures fell by more than $1 to $58.33 a barrel and Brent futures were down by more than $1 to $66.76 per barrel.
US President tweets
Rebecca Curley
Local Democracy Reporter
A decision on an application to drill four more oil wells at the Horse Hill site in Surrey - scene of previous public protests - has been postponed because of the number of objections.
Surrey county councillors had been due to consider the request at a planning and regulatory committee meeting on 17 April. But it has now been put back to the following month's meeting.
Chairman Tim Hall told the committee: "Due to a mixture of factors, including 1,000 objections for the Horse Hill oil well site, which have arrived so far - and are still coming - there will not be a meeting on 17 April. Our next meeting will be [on] 22 May."
He said officers needed more time to carry out statutory consultations with other organisations "due to the sheer amount of stuff".
The application was submitted by Horse Hill Developments, a subsidiary of UK Oil and Gas (Ukog), which already has a well on the site, at Hookwood, near Horley, which has attracted protests from anti-fracking campaigners.
Ukog has said it has no plans to use the controversial fracking techniques at Horse Hill, where it has already carried out test drilling.
The plans seek to create four new production wells and to retain and extend the existing well site, which has so far been used for test drilling.
Oil prices slipped this morning, over concerns of a sharp global economic slowdown, as well as oil supply disruptions.
Brent crude is now down 30 cents or 0.5% to $66.73 a barrel, while US West Texas Intermediate crude is down 35 cents or 0.6% to $58.69 per barrel.