After just two weeks ago oil price reached the highest level in 40 months, it lost 10% due to concern over trade conflict and Saudi Arabia’s intentions to offer more volumes to its Asian clients, Bloomberg reports.

On Monday futures in New York fell 4,2% after they lost 5% last Wednesday.

Recent drop was caused by the news that Saudi Arabia proposed additional oil deliveries to its buyers in Asia. Meanwhile, in the US Donald Trump announced that the country can release its emergency supply to restrict price growth. It shall be noted that Saudi Arabia and the US together pump about one fifth of world’s oil.

While Saudi Arabia takes steps to fulfill its pledge in regards to filling supply gaps, Russia announced that OPEC and its partners might increase output by more than 1 million barrels a day if necessary.

WTI oil price with August delivery fell yesterday by $2,95 and settled at $68,06 a barrel.

Brent oil fell by $3,49 and closed at $71,84 a barrel.

Gasoline futures fell 5% and closed at $2,0022 per gallon.