Trump’s tweets have added $10 to oil prices, Iran’s OPEC boss says

Iran's OPEC governor Hossein Kazempour Ardebili

Iran's OPEC governor Hossein Kazempour Ardebili

On Monday, Trump took another swipe at OPEC, accusing the oil organization of not helping the United States to reduce domestic gasoline prices. Your tweets have driven the prices up by at least $10 per barrel.

Recent price rises have also been spurred by a U.S. announcement that it plans to re-introduce sanctions against Iran from November, which will also target its oil industry.

Oil was trading at over $78 per barrel of the Brent benchmark on Thursday, while US West Texas Intermediate was trading at $74.55. "The OPEC Monopoly must remember that gas prices are up & they are doing little to help". His latest was a reminder that the U.S. defends many OPEC members for "very little" money.

This is while world oil prices have climbed higher as the Trump administration has pressured USA allies to end all purchases of oil from Iran.

US crude stockpiles are forecast to have declined 5 million barrels last week, according to a Bloomberg survey ahead of government data to be released on Thursday. Inventories at Cushing, Oklahoma, fell 2 million barrels last week, according to a separate forecast compiled by Bloomberg.

But Tehran has threatened to take drastic action on the oil supply in retaliation against Trump's attempt to curb its exports.

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Saudi Arabia says it is ready to use its surplus two million barrels of oil production capacity to even out the global market.

Crude oil prices rose on Tuesday with the US benchmark hitting a four-year high on expected drains in domestic inventories and outages in Libya. Speculators are using this narrative to support prices and unless there is an increase in production, prices are likely to be supported into the end of the year.

Over the short-run, Canada's production problems will go away and Libya's issue will probably be contained. The U.S. market will not have a settlement price due to the U.S. Independence Day holiday.

Trading had been expected to be limited on Wednesday by the USA national holiday, although the market has been more volatile. At the same time, the Saudi's are probably going to try to figure out how to get more oil into the market without causing a rift with its partners. However, at its June meeting, OPEC agreed to slightly increase oil production. Trump also has the option to open up the strategic supply spigot, but that will only be a short-term fix.

In other news, today's U.S. Energy Information Administration weekly inventories report is expected to show a 4.4 million barrel draw down.

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