Oil prices fall as Trump demands OPEC 'reduce pricing now'
- Author: Darren Santiago Jul 08, 2018,
Jul 08, 2018, 1:37
Brent crude, the global benchmark, was down 19 cents at $77.20 a barrel while USA crude slipped 2 cents to $72.92.
US crude slipped 2 cents to $72.92.
Hossein Kazempour Ardebili was quoted by the oil ministry's website Thursday as telling Trump to "please stop", adding that "with your frequent and indecent tweets oil prices have gone up 10 dollars".
The U.S. bank warned that supply threats were "threatening a sharp further rise in prices and global economic growth".
"Further declines in United States crude oil inventories and the significant outage in Libyan oil supply are helping to keep a floor under the market", said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas SA in London.
"People are firming up their numbers of how much Iranian oil exports will be lost, and how much Opec will increase". The contract added 20 cents on Tuesday, and there was no settlement Wednesday due to the USA holiday. Data from the Energy Information Administration is due Thursday, published a day later than normal because of the Independence Day break.
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"The OPEC Monopoly must remember that gas prices are up & they are doing little to help", Trump wrote on his personal Twitter account.
In an interview with state television, Iranian oil minister Bijan Zanganeh said: "Mr Trump sends every day a new message that creates uncertainty in the market".
Saudi Arabian Oil Co will change its Asia crude pricing benchmark by replacing Platts' Oman assessment with the Dubai Mercantile Exchange's Oman futures from October 1. "Because the oil market is already in tight supply due to the numerous outages, this would drive global prices (Brent) further up", Commerzbank said in a note.
"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 said.
Iran's President Hassan Rouhani on Tuesday said it was "unwise to imagine that some day all producer countries will be able to export their surplus oil and Iran will not be able to export its oil".
USA tariffs on $34 billion in Chinese imports took effect as a deadline passed on Friday and Beijing has vowed to respond in kind.