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.

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British wholesale gas prices rose on Friday morning as forecasts for cooler weather lifted demand.

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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.

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British wholesale gas contracts were mostly higher on Thursday morning as a drop in temperatures continued to provide support for the second day in a row. ›

Brent crude oil on Thursday rose above $75 per barrel for the first time in 2019 in the wake of tightening sanctions on Iran, while gains in U.S. prices were crimped by a surge in U.S. supply.

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European over-the-counter power prices for day-ahead delivery rose in wholesale trade on Wednesday, buoyed by forecasts showing a sharp fall in German wind generation and firm demand in France.

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British wholesale gas prices recovered somewhat on Wednesday after slumping in the previous session due to oversupply and a shut-in export pipeline but remained at multi-year seasonal lows.

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Oil prices fell on Wednesday amid signs that global markets remain adequately supplied, despite a jump to 2019 highs this week on Washington’s push for tighter sanctions against Iran.

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Day-ahead prices on Europe’s spot power market on Tuesday recaptured levels paid ahead of the four-day Easter holiday, while those for delivery next week dropped sharply on expectations of declining demand.

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British wholesale gas prices dropped to their lowest in nearly two years on Tuesday as a planned shutdown of the IUK pipeline between Europe and Britain, coupled with warm temperatures and strong wind output, created oversupply.

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