After hitting a four-year high early last month, oil prices have fallen about 20 percent with Brent crude trading Thursday about $71 a barrel.
Brent crude LCOc1 futures fell 53 cents to $70.12 a barrel, a 0.8 percent loss.
Mr. Trump has repeatedly has asked oil producers to pump more crude to lower prices. The global benchmark crude traded at a US$9.78 premium to WTI for the same month. If the contract finishes lower on Friday, it will mark 10 consecutive down sessions, the longest losing streak for the commodity in about 34 years, according to data from Refinitiv. That put it in "bear market" territory, borrowing a definition used in stock markets.More news: Female risk factors for a heart attack investigated in new United Kingdom study
In the USA, crude production increased to a record 11.6 million barrels a day last week, according to Energy Information Administration data.
The government also said that it had taken note of the United States statement that exception had been provided under the Iran Freedom and Counter Proliferation Act of 2012 with respect to development of Chabahar Port and the construction of an associated railway line.More news: Anthony Rizzo, Theo Epstein Shoot Down Recent Kris Bryant Trade Rumors
"As OPEC exports continue to rise, inventories continue to build which is putting downward pressure on oil prices", analysts at Bernstein Energy said.
USA sanctions on Iran can't keep crude costs buoyed as overproduction remains hefty from major players.
"A slowdown in the global economy remains the key downside risk to oil", Bernstein added.More news: California wildfire turns deadly, leaves nine dead Photogallery
These sanctions, however, will unlikely cut as much oil out of the market as initially expected as Washington has granted exemptions to Iran's biggest buyers which will allow them to continue buying limited amounts of crude for at least another six months. The drop comes days before the Organization of Petroleum Exporting Countries meets with partners in Abu Dhabi, having signalled it may cut output next year.