Oil prices fall as Donald Trump demands OPEC ‘reduce pricing now’

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"With those continued drawdowns at Cushing, we were approaching a situation where you could soon start to consider us nearing a shortage", Kilduff said.

Saudi Arabia's state-run oil giant cut its prices Thursday for first time since February after President Donald Trump lashed out at the OPEC cartel of oil producers over rising USA gas prices. This must be a two-way street.

"A key driver of the rise in prices has been the OPEC-Russia deal to cut oil output, compounded by collapsing Venezuelan production and the USA decision to end the Iran deal", National Australia Bank (NAB) said in its July outlook.

Antoine Halff, formerly a chief oil market analyst at the International Energy Agency and now senior fellow at Columbia University, said that Trump made three errors in his tweet: OPEC can influence market prices but is not a monopoly. "REDUCE PRICING NOW!" he added. Prices to (sic) high! After all, he did the same in 2012 when the average gasoline price climbed over $4 a gallon. "Every president before Trump has done it and it tends to happen in an election year".

Geoffrey Craig, the oil futures editor at Platts, said the drain on US inventory levels is in part because of higher domestic exports, which set a record for the week ending June 22 at 3 million barrels per day.

Brent crude futures were changing hands at $78.04 per barrel, up 28 cents, or 0.4 per cent, from their last close.

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One of its members, Leon Kirschner, said: "ICE has proved to be a threat to our liberty and way of life, and should be abolished". According to rescuers, the woman was upset over children separations' from their families at the border.

US budget analysts generally look at the impact of tax changes over a ten-year period ("Estimated budget effects of the conference agreement for HR 1", Joint Committee on Taxation, Dec. 18, 2017). Few thought it would be 1 million bpd or more.

Trump's pressure on OPEC comes just as key oil exporters were boosting output, which has been curtailed since 2016 to boost prices.

The net impact of higher oil prices on the economy as a whole is obviously smaller because much of the extra revenue will be received by domestic oil producers.

"Please stop it, otherwise it will go even higher".

Though oil prices are still well below their recent peaks, the steady creep back up will pinch the pockets of consumers who were getting used to cheaper gas after years of high prices and talk of "peak oil"-the topping out of the world's finite supply as it begins to run out". ("Distribution effects of the conference agreement for HR 1", JCT, Dec. 18, 2017). Long story short, he's anxious that higher prices at the pump will eat away at the savings he imagines are accruing to USA consumers as a result of the tax cuts.