Markets

Iran tells Trump: stop tweeting, it's driving up oil prices

Iran tells Trump: stop tweeting, it's driving up oil prices”

"REDUCE PRICING NOW!" Trump tweeted on Wednesday, demanding that the Organization of Petroleum Exporting Countries do more to help reduce United States gasoline costs.

LONDON, July 5 (Reuters) - Oil fell on Thursday after U.S. President Donald Trump demanded OPEC cut crude prices, but the market found some support from an Iranian threat to block shipments through the Strait of Hormuz. His latest was a reminder that the United States defends many OPEC members for "very little" money. This must be a two way street.

Such a move by Beijing-which appears more likely with this latest round of tit-for-tat tariffs-threatens to limit US crude oil exports to China that have been gaining pace in recent months and eating into OPEC's share in the market-a market that is setting the pace of global oil demand growth.

Oil prices edged up on Wednesday, lifted by a report of declining US fuel inventories amid the ongoing crude supply outage at Syncrude Canada in Alberta, which usually supplies the United States.

"Your tweets have increased the prices by at least $10", Kazempour Ardebili said of Trump, according to news outlet SHANA. "Please stop this method", the oil ministry news agency quoted Kazempour Ardebili as saying.

Serena Williams back doing what she does best at Wimbledon
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In May, the US retreated from a multilateral deal with Iran regarding its nuclear disarmament program, and imposed sanctions to limit the world's fourth largest oil exporter's access to global markets.

Oil traded near $74 a barrel in NY as Saudi Arabia's pledges to boost supply assuaged concerns of a shortage, while a decline in crude stockpiles in the US inflamed them.

Consultants Kpler estimated the kingdom's oil exports rose by 407,000 bpd in June to 7.62 million bpd compared with May.

The barrel of West Texas Intermediate touched its highest level since November 2014 above $75 on Tuesday but made a deep correction to end the day flat near the $74 mark.

Inventories at Cushing, Oklahoma, the delivery point for US crude futures, fell to their lowest level since December 2014.

How to Watch South Korea vs Germany
It wasn't the most exciting match, but in typical German fashion Die Mannschaft got the job done and progressed to the final. The Germany keeper bobbled the ball and needed to swipe the rebound away from the attackers after a spectacular dive.

The U.S. Navy stands ready to ensure freedom of navigation and free flow of commerce, a spokesman for the U.S. military's Central Command said.

In a tweet on Saturday, Mr Trump said Saudi Arabia had agreed to increase oil output by up to two million barrels.

"REDUCE PRICING NOW!", Trump tweeted on Wednesday, accusing OPEC of "doing little to help" lower pump prices.

"Another major consideration is the extent to which U.S. shale production will respond to higher prices".

Traders said supply disruptions could be short-lived as Opec and allied producers ramp up output.

Maurizio Sarri will be a success at Chelsea, says Kalidou Koulibaly
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In late morning trading, the price of the global benchmark Brent grade of crude oil was little changed at $77.85 a barrel.



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