Oil Stabilizes on Supply Concerns Sparked by a US Call For Higher Production

Oil prices fell after two days of gains after the United States, the world’s largest oil consumer, urged major producers to increase production, bolstering supply concerns as economies ease restrictions imposed to combat the Coronavirus.

Brent crude futures fell 17 cents, or 0.2 percent, to $71.27 a barrel in Asian trading, after hitting a session high of $71.69 earlier.

US West Texas Intermediate crude fell 23 cents, or 0.3 percent, to $69.02, after reaching $69.51 earlier.