Oil fell after the US can resort to its reserves

US oil fell back below the psychological limit of $71 a barrel. This became reality after Saudi Arabia warned it would raise its output for two of its clients in Asia. In addition, the US has said it can turn to its strategic reserves to stop the rise in fuel and oil prices.
Oil futures in New York lost 0.8% of their value after falling by 3.8% last week.
With the price of oil reaching a three-year high in the past month, fears that the trade war between the US and China will hurt the price of "black gold" have become serious.
The renewed sanctions against Iran, as well as the declining production from Venezuela, were factors that compensated to a certain extent the depreciation of the oil price.
OPEC and its partners have agreed that they can resort to an increase of more than 1 million barrels of oil if needed.
US crude oil is trading early in the morning at $70.50 a barrel.
Brent with delivery in September traded at a level of 74.96 dollars per barrel.