Oil rises on Libya force majeure, but demand slowdown holds back market

Mr Trump said that he had a fondness for the European Union because his parents were born there

Mr Trump said that he had a fondness for the European Union because his parents were born there Credit SAUL LOEB AFP Getty Images

His most recent shot came on Saturday when Trump said Saudi Arabia's King Salman agreed to boost output by as much as 2 million barrels a day to make up for lower production in Venezuela and potential disruptions in Iranian supplies.

Crude oil prices fell on Monday after Saudi Arabia said it could tap into its 2 million barrels per day in spare capacity to help address a pending market deficit.

The price rose above $78 a barrel after an Iranian Revolutionary Guards commander said he was ready to prevent regional crude exports if Iranian oil sales were banned by the United States. "REDUCE PRICING NOW!" Trump wrote on Twitter. "Even if there is short term relief by an agreement to increase output, it is a demonstration once again that USA sovereignty is undermined by foreign interests who control global oil supply, reducing our control over our economy, our foreign policy, and our future". Analysts warn of increased tightness ahead, and some are once again suggesting that triple-digit oil prices are a realistic possibility.

President Donald Trump said the Organization of the Petroleum Exporting Countries (OPEC) is "doing little to help" rising gas prices and claims "if anything, they are driving prices higher".

Iran is among the nations with the highest oil serves, along with Saudi Arabia, which is the world's leading exporter of oil.

Prices were also pushed up by looming United States sanctions against Iran, which threaten to cut supplies to an already tight market despite pledges by producer cartel OPEC to raise output to make up for the disruptions.

But fearing USA sanctions, big European companies have begun to pull out of Iranian markets.

Climber, protesters at Statue of Liberty
National Park Service spokesman Jerry Willis says the climber was at the base beneath the statue's foot Wednesday afternoon. Trump has said on Twitter that abolishing ICE will "never happen!" Kaitlyn Schallhorn is a Reporter for Fox News.

Q: What does Trump want from OPEC?

"In this battle", he said, "any country that tries to take Iran's place on the oil market will be guilty of treason against Iran. and surely one day it will pay the price of this treason".

USA markets were jolted Tuesday morning as Crude Oil made a large downturn after touching $75 a barrel, a price not seen in four years. The hike in price has created difficulties for all countries especially states like Pakistan that depend heavily on oil imports. But with inventories already below five-year averages and little spare capacity available, oil markets look set to tighten.

That kind of talk is part of a broader game Saudi Arabia played to master the oil market.

Turkey has also said it would keep up Iranian crude imports, while China, the largest consumer of Iranian crude oil, has criticised the U.S. for withdrawing from the deal.

"Opec will, from July 1, strive to adhere to the overall conformity levels for the remaining duration of the Declaration of Cooperation", said Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, on Tuesday.

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