Crude Prices Mixed as Trump Calls for More Action From OPEC

Crude Prices Mixed as Trump Calls for More Action From OPEC

"The OPEC Monopoly must remember that gas prices are up & they are doing little to help", he wrote.

Oil prices edged up on Wednesday following a report of tightening U.S. fuel inventories amid an outage at Syncrude Canada oil sands facility in Alberta, which usually supplies the United States.

Trump, who is mindful of what impact rising gas prices at station pumps will have on American voters heading into the crunch November midterms, responded on Twitter: "Hope OPEC will increase output substantially".

There are a number of factors behind the recent price rise.

Oil prices have been buoyed by tightening supplies this year but there are signs demand may now be easing.

Kazempour said Trump was trying to intensify tensions between Iran and Saudi Arabia.

The U.S. Energy Information Administration report on crude oil inventories is due to be released on Thursday at 11:00am EDT due to the Independence Day holiday in the United States. However, at its June meeting, OPEC agreed to slightly increase oil production. Brent crude was trading at $77.42, up $0.12 (0.16%) on the day.

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The price of West Texas Intermediate crude oil is now around $74 a barrel.

Trump's tweet triggered reaction from Iran, a founding member of OPEC, whose oil exports have been targeted by U.S. sanctions.

Outside North America, looming U.S. sanctions against major oil exporter Iran were the focus of attention.

The growing United States pressure on the world to totally stop buying Iranian oil has produced a warning from top Iranian officials that the world economy, and America's economy in particular, would pay a severe price from such a ban.

The early reaction to Trump's tweet was normal.

Iran's deputy commander of the Sarollah Revolutionary Guards said on Wednesday that any attempt to thwart its oil exports will result in the closure of Strait of Hormuz, the narrow waterway at the mouth of the Persian Gulf, where the world's biggest concentration of tankers carry about 30 percent of all seaborne-traded crude oil and other liquids during the year.

"Your tweets have driven the prices up by at least US$10 per barrel", Iran's OPEC governor Hossein Kazempour Ardebili said in a message to Trump, carried by Iranian Oil Ministry's Shana news service.

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