Oil prices slip as Trump calls on Opec to lower prices

22 September, 2018, 02:57 | Author: Brooke Harris
  • Crude Oil Price Analysis Resistance Breached Bulls Take Charge

Oil prices were largely steady in highly volatile trade on Friday, with Brent briefly reaching $80 per barrel, ahead of this weekend's meeting between OPEC and non-OPEC producers to discuss how to counter falling supply from Iran due to US sanctions.

"We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices!"

Oil prices on Wednesday pulled back from gains racked up the previous day, pushed down amid a surprise climb in US crude stockpiles.

The Republican president has lashed out at the Organization of Petroleum Exporting Countries over the past several months, demanding price cuts and output increases in targeted tweets.

OPEC with a group of non-OPEC producers that includes Russian Federation started withholding oil supplies in 2017 to end a global glut and prop up prices.

He has consistently complained that oil prices are too high.

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

Saudi Arabia is now comfortable with Brent oil prices rising above $80 a barrel, at least in the short term, as the global market adjusts to the loss of Iranian supply, people familiar with the kingdom's view said this week. They also don't want oil prices to fall too much'.

Over the past four years, changes to USA crude oil transportation infrastructure and the fluctuations in the Brent-WTI spread have resulted in refiners in the East Coast receiving the highest crude volumes by tanker and barge from the Gulf Coast since 2014, while crude by rail shipments from the Midwest have slumped 77 percent from the late-2014 peak, the EIA said in an analysis on Thursday.

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.

Earlier in the session, prices jumped after a report said that OPEC and non-OPEC countries pumped less oil in August compared with July due to a drop in Iranian crude supply.

As the Brent-WTI spread started widening to average $5 a barrel in the first half of 2018, East Coast refineries again increased their purchases of domestic crude oil, but this time in far lower quantities than in 2015, the EIA noted.

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