Trump tells OPEC to lower oil prices

Trump Presses OPEC to Reduce Prices as Crude Trades Near $80

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The United States benchmark for crude oil, the West Texas Intermediate also gained in price, going up by 1.4% to trade at $70.00 per barrel.

Incumbents who face challengers in the upcoming USA mid-term elections have reasons to want oil prices - and in turn, gasoline prices at the pump - to be lower this fall, too.

The fears of lack of supply from Iran and then Saudi Arabia happy to see oil at $80 sent it moving higher.

Crude oil prices have been rising over the past year as a result of the Organization of the Petroleum Exporting Countries' strategy to tighten supply.

According to the U.S. Energy Information Administration, U.S. crude oil supplies fell for a fifth straight week to a 3.5 year low in the week-ending September 14, while gasoline inventories also drew down sharply last week on unseasonally strong demand.

US sanctions on Iran's oil exports come into force on November 4 and many buyers have already scaled back Iranian purchases. A Bloomberg survey of analysts forecasts a 2.5-million-barrel decline in nationwide inventories. He said he has written letters to some OPEC and non-OPEC oil ministers expressing his concerns and has complained to the group's secretary-general about "violations" to the original output-cuts agreement, though he wouldn't elaborate.

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Some 1,665 Hezbollah fighters have been killed there, according to the Britain-based Syrian Observatory for Human Rights. Hezbollah has thousands of fighters in Syria supporting President Bashar Assad's forces in the civil war.

Crude oil prices and energy-related exchange traded funds jumped as USA oil inventories slip to a three-and-a-half year low on rising exports.

Trump has consistently complained that oil prices are too high, following a significant uptick in prices which has been passed on at the pump to USA drivers.

Meanwhile, EIA reported that the estimated weekly US crude oil production went up 100,000 to 11 million barrels per day during last week.

After languishing at less than 6million barrels of oil per month between 2000 and 2011, American oil production began rapidly increasing from 2012 onwards.

Varga further expanded by saying that the current trade war between the United States and other countries should have impacted the price of oil. NYMEX crude is hovering at $70 per barrel, with a gain of almost 18 percent this year, while Brent, which measures the global market, nears the $80 per barrel mark, up almost 19 percent this year. Over the past four weeks, refinery inputs averaged 17.62 million barrels per day which was 14.7 percent higher than the same four-week period of a year ago. Exports of refined products rose by 363,000 barrels a day last week to 5.22 million barrels a day.

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