Oil prices drop as supplies increase

Futures in New York dropped as much as 1.3% after the American Petroleum Institute was said to report nationwide crude inventories rose last week

Oil prices drop as supplies increase

President Trump complained Wednesday that oil prices are too high and blamed the spike on OPEC, the group of 14 nations that controls a major portion of the world's supply of crude petroleum. It's the second time he's used social media to rail against the Organization of Petroleum Exporting Countries.

The oil supply deal is set to continue through the end of 2018, but plans for its continuation were unclear for next year.

Earlier in the session, Brent and USA crude had retreated on concerns about rising production in the United States and expectations that OPEC and other producers could relax voluntary output cuts. Prices have risen around 60 percent over the previous year.

Yet, even with the 1.8 million-bpd production rollback, the total OPEC/non-OPEC level would still be around 1 million bpd below the October 2016 levels, because some producers, notably Saudi Arabia, have cut more than intended, while others, most notably Venezuela, have seen involuntary production declines and are unable to lift production, the person told Bloomberg. And while purchases have waned as shale production has grown, America is traditionally one of the biggest customers for Saudi oil.

Russian Federation plans to propose to the OPEC/NOPEC allies next week that they reverse the group's production to the October 2016 levels-the baseline for the cuts of most pact participants when they had pumped as much oil as they could to blunt the cuts' impact later.

George and Charlotte goof off at William's polo match
Charlotte was certainly in higher spirits than on Saturday, when she slipped and hit her head on railings while watching Trooping the Colour .

A man fixes a sign with OPEC's logo next to its headquarters' entrance before a meeting of OPEC oil ministers in Vienna, Austria, November 29, 2017.

Longer term, the market could tighten as demand increases if OPEC fails to cover supply shortfalls, the International Energy Agency said.

"Looks like OPEC is at it again", Trump said in an April 20 tweet. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High!

Shortly after Trump's tweet on Wednesday, Senate Minority Leader Charles E. Schumer (D-N.Y.) took to Twitter to respond.

The U.S. move has put pressure on European and Asian clients to stop importing Iranian oil or doing business with the country. "At current prices USA oil producers are still losing money". Its main concerns are higher oil prices and trade disruptions. "Maybe they are actually way too low".

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