Economy

Oil prices dip as Trump calls on OPEC to "reduce pricing now"

Oil prices dip as Trump calls on OPEC to

"We expect you to be more polite". Even if Europe tries to convince Trump to change his mind, the U.S. wish to impose a more effective agreement with Iran remains.

The United States Oil ETF (NYSEARCA: USO) traded down about 0.3%, at $14.88 in a 52-week range of $9.00 to $15.08. A stronger greenback makes the USD-denominated oil more expensive for the holders in foreign currencies.

That means there's a shrinking buffer to protect against the shocks like the eventual loss of Iranian oil or a hurricane in the U.S. Gulf of Mexico.

"On China, India - yes, certainly". USA refineries produced about 10.3 million barrels of gasoline a day last week, up by about 200,000 barrels a day compared to the prior week.

Brent crude futures LCOc1 were at 77.70 dollars per barrel at 6.53 GMT, down 54 cents, or 0.7 per cent, from their last close.

President Donald Trump says OPEC is "doing little to help" rising gas prices and claims "if anything, they are driving prices higher". Prices to (sic) high!

President Trump has never been shy about tweeting on global affairs, often putting his foot in his mouth.

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"There are indications that Iranian oil exports have already begun dropping during the first half of June, mostly to Europe". -Chinese trade war and increased production by Saudi Arabia and Russian Federation outweighed concerns over supply disruptions from Venezuela to Libya to looming sanctions on Iran.

"The responsibility of paying unnecessary prices for oil by all consumers of the whole world, especially in USA gas stations, is exclusively upon your (Trump's) shoulders and the price of over $100 per barrel is yet to come", Kazempour Ardebili told Reuters.

Over the short-run, Canada's production problems will go away and Libya's issue will probably be contained. The June figure would represent an increase of about 500,000 bpd from May. Exports averaged 2.34 million barrels a day last week and have a cumulative daily average for the year of 1.83 million barrels a day, a 142% increase over the year-ago export total. And that realization has helped drive up prices over the past two weeks as countries and traders worry about the security of future supplies.

Adding to the constraints is the short-term shutdown off Suncor-majority owned Syncrude until at least the end of July due to a tripped power transformer.

That brings the total count to 863, up 100 from past year.

On Wednesday, the USA president again accused the OPEC of driving fuel prices higher and urged United States allies such as Saudi Arabia to pump more.

Top Photo | Workers at an oil facility near Riyadh, Saudi Arabia. The drawdown in stockpiles also remains oil-supportive in the near-term. "If production increases as we now forecast, a large share of this would be eroded, leaving the global oil market with a limited "margin of safety", said Morgan Stanley's Rat.