Oil price dropped from three-years high after US President Donald Trump asked Saudi Arabia to increase output and limit price growth, Bloomberg reports.

Futures in New York lost 2,2%.

Oil price grew up 8,1% last week after the US asked its partners to stop import oil from Iran. This step raised concerns over tightening supply among shrinking US inventories and shipments disruptions from Canada and Libya.

WTI oil with August delivery fell to $72,51 a barrel at New York Mercantile Exchange and traded at $73,77 a barrel in London. On Friday price grew to $74,15 a barrel, the highest level since November 2014.

Brent oil price with September delivery lost 1,6% and cost $77,99 a barrel before rose to $78,52 a barrel. Last week price grew by 5,2%.

Shanghai futures gained 1,4% after growing as much as 7,8% last week.

Number of oil rigs in the US dropped by four to 858. National Oil Corporation of Libya declared force majeure on shipments from its terminals. Export of Iranian oil can drop by 700000 barrels a day to 800000 barrels after US renewed sanctions become effective in November.