trump rails against high oil prices, opec pushes back
OPEC\'s Barkindo: production cuts helped save the oil industry | President Trump on Friday accused OPEC of \"artificially\" pushing up oil prices a year later
Coupled with a deal to cut global crude inventories, the oil industry blamed.
After his speech, the producer countries as prices fell.
It looks like OPEC is starting again.
There is record oil everywhere, including ships loaded at sea.
Oil prices have been artificially raised!
No good, will not be accepted!
Trump wrote on Twitter.
His tweet is in Saudi Arabia where officials say they are still far from reaching a reduction of three-
Global oversupply.
Earlier this week, three officials from the world\'s leading oil producers told Reuters they were happy to see oil prices reach $80 or $100 a barrel.
This week, oil prices rose to levels never seen since the end of 2014, and the cartel is expected to continue to curb supply by the end of this year.
Some members of the Organization of Petroleum Exporting Countries responded to Trump\'s Twitter, saying oil prices were not artificially raised.
The group is scheduled to meet on June to decide on the next step after reducing production with other producers, including Russia, since January 2017, aiming to reduce the excess that has led to falling prices.
Trump did not elaborate on what his administration might do with oil or OPEC, nor did the White House immediately respond to requests for comment.
OPEC reached a landmark agreement with other oil producers to cut production from 2017, and oil prices soared to 3-
1/2 year high, with the United StatesS.
Crude oil prices have recently approached $70 a barrel.
The deal could expand to $2019.
OPEC Secretary-General Mohammed Barkindo said the agreement prevented the global oil price slump and said the group was a friend of the United States and was interested in the prosperity of the United States.
Barkindo said the agreement is now \"restoring stability on a sustainable basis for the benefit of producers, consumers and the global economy \".
OPEC production fell to 11-
According to a Reuters survey, the lowest this month.
Brent and West Texas Intermediate crude futures this week (WTI)
Brent crude hit $74, its highest level since November 2014. 75 and U. S. crude $69.
Due to tight supply and rising demand, $56 a barrel.
This raises fuel costs, and the average price of gasoline in the United States is $2.
According to the auto driver advocacy group AAA, $75 a gallon on Wednesday, up more than $30 a year earlier.
\"Trump is just trying to connect with his base in terms of retail gasoline prices, so he blames OPEC for that,\" said Josh Graves, senior market strategist at RJO Futures in Chicago.
After Trump\'s tweet, Brent crude was priced at $73.
10: 14, 04 per barrel. m. EST (1414 GMT)
Down 73 cents from last close
WTI futures fell 61 cents to $67. 68 a barrel.
In addition to OPEC\'s supply management, the expectation that the US government will readjust crude oil prices also supports crude oil prices.
Sanctions against OPECmember Iran.
Hedge funds and other speculators are now expecting a record level of bullish expectations for Brent crude, the global benchmark, as prices are expected to rise further.
\"Trump\'s concerns about high oil prices may reduce the likelihood that Iran will re-impose sanctions because it will further tighten the oil market,\" said German commercial bank\'s oil Germany in Frankfurt.
OPEC leaders in the UAE and Iraq have also rejected claims that oil prices are too high.
In addition to releasing oil from strategic reserves, the US government cannot legally influence oil prices, which it occasionally does, most recently after Tropical Storm Harvey.