US OIL re-testing 50 MA. Trump's tweet in play?

Oil prices fall amid surprise growth in U.S. crude stocks

Trump Presses OPEC to Reduce Prices as Crude Trades Near $80

The U.S. Energy Information Administration (EIA) reported significant draws in U.S. crude oil and gasoline inventories during last week, and both major benchmarks of crude oil increased on Wednesday.

WTI prices were up Thursday morning on the news that USA crude oil inventories were down 2.1 million barrels last week, the fifth straight week of declines.

But on Tuesday Bloomberg cited unnamed Saudi sources as saying the kingdom was comfortable with oil above $80, at least for the short term, helping to push prices higher.

"The last thing that he is going to want to have happen is diesel prices and oil prices hitting highs when people are going to the voting booth", Zahir said. OPEC was blind to the danger at first, then downplayed the risk even as some members raised the alarm - reasoning that shale was an expensive business and the cartel simply had to bide its time.

"We're stuck in a range here", said Tariq Zahir, managing member at Tyche Capital Advisors in NY, with prices supported by the USA sanctions on Iranian supplies and pressured by the potential that Chinese demand could wane. "But U.S. pressure will come into play and it's more likely that OPEC producers and allies will decide on a production boost later this week".

A commission of the cartel hopes to impose another supply agreement, influenced by US president, Donald Trump.

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Incumbents who face challengers in the upcoming US mid-term elections have reasons to want oil prices - and in turn, gasoline prices at the pump - to be lower this fall, too.

"Any country that says it can make up for the shortfall in the market is siding with the U.S.", Zanganeh told reporters in Tehran. He said he has written letters to some OPEC and non-OPEC oil ministers expressing his concerns and has complained to the group's secretary-general about "violations" to the original output-cuts agreement, though he wouldn't elaborate.

However, the figure will fall to $719 billion next year due to slightly lower OPEC production and exports, the report said on September 18. After 18 months of fairly harmonious supply restraint, some OPEC members were hastily reopening the taps, while others howled in protest from the sidelines. While Saudi Arabia and Russian Federation have recently boosted output to compensate, it's unclear whether they're willing or able to offset all the losses from Iran.

The October WTI futures price settled at $71.12 a barrel, just a nickel shy of the intraday high.

Brent crude for November delivery was down 3 cents at $78.67 a barrel by 7.37am. At first it seemed to work - the price slump worsened and put huge financial pressure on OPEC, but also triggered a collapse in US drilling and forced producers to close the taps.

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