Oil falls on supply boost efforts

Oil markets fell on Friday, a day after U.S. President Donald Trump urged the Organization of the Petroleum Exporting Countries (OPEC) to lower prices in a broad effort to boost crude output.

Brent crude futures were down 50 cents at $77.95 a barrel by 0044 GMT. U.S. West Texas Intermediate (WTI) crude was down 31 cents at $74.31.

Analysts said uncertainty over Trump’s tariff policies and the possibility that the new president would push for higher U.S. oil output also weighed on crude futures.