Oil prices have kept gaining momentum since the start of the year due to some geopolitical concerns but the rising prices encountered resistance during the week although the USA sanctions on Iran provided a solid floor for the prices. The other five, including Iran's top two oil customers China and India, had been expecting and pushing for extensions.
Oil prices declined in volatile trading on Thursday as traders continued to digest the rising USA stockpiles and the impact of tightened US ban on Iran exports.
The comments were in reaction to expectations the two countries would fill any supply gap caused by a tightening of the United States sanctions on Iran.
Brent crossed the $75 a barrel mark earlier in the week, the highest this so far this year, after the U.S. chose to end Iran sanction waivers that allowed oil importing countries, including India and China, to keep buying Iranian crude.
Earlier on Friday, Trump told reporters he had "called up" OPEC and urged the producer group to take action to bring down fuel costs. It is expected that there will be a further surge in crude prices with the sanction waiver on Iran.
US, Japan push for trade deal
At the beginning of the talks, Trump showed his willingness to agree on a trade pact before his state visit to Japan from May 25. North Korea is also likely to come up in conversation, after the president's failed summit with North Korean leader Kim Jong Un.
He said Iran has a "strategic status" and will not act passively in the face of the "cruel" and "illegal" sanctions. Waivers were granted to big buyers of Iranian oil, including China, India and Japan.
He also said that it will not be easy to find an alternate for Iran's oil.
West Texas Intermediate crude for June delivery fell $US.91, or 2.9%, to settle at $US63.30 a barrel in NY.
Russian President Vladimir Putin said on Saturday he hoped Iranian oil exports would continue despite Washington's efforts to stop them, Reuters reported. However, the Saudis felt sucker-punched when the American administration issued the SREs in November.
Meanwhile, mostly being buoyed by a strong sell-off following a record USA inventory rise and a surprising drop of United States oil rig counts, the U.S. crude wrapped up the week with a 1.8 percent weekly loss, and the UK crude had posted a 0.4 percent of weekly loss.
"But we have an agreement with OPEC to maintain production at a certain level and this agreement is in force until July", he added.