Published: Mon, July 09, 2018
Finance | By Jaime Brady

Oil mixed as U.S. crude stockpiles rise unexpectedly

Oil mixed as U.S. crude stockpiles rise unexpectedly

US President Donald Trump tweeted this week on Wednesday that the Organization of Petroleum Exporting Countries (OPEC) is "driving [fuel] prices high" and asked them to "REDUCE PRICING NOW". OPEC is doing something to help with its recent agreement to raise production by almost the entire amount of its spare - or idle - capacity. S. defends many of their members for very little dollars. He added, "This must be a two way street".

Saudi Arabia told OPEC it pumped about 10.5 MMbopd last month as the kingdom sought to cap rallying prices by ramping up output, according to people familiar with the matter.

President Donald Trump has significantly increased global oil prices through his tweets, Iran's OPEC chief said this week.

The producers' group and partners agreed on June 23 to increase oil production, with the Saudi and Russian energy ministers saying it would add about 1 million barrels a day to the market. Off-topic, inappropriate or insulting comments will be removed.

"[It] would be a kind of self-harm for the United States as it would lead to dramatic price hikes in the oil market", Ardebili said, adding that "American consumers" will likely pay higher prices at the pump due to "Trump's unilateralism". "This is a response to the USA sanctions that are squeezing them".

While tax cuts went mostly to individuals in the upper income ranges, the burden of higher gasoline prices will be felt mostly by individuals on lower incomes because they spend a higher proportion of their earnings on fuel. This would already take it to record levels but Trump's suggestion of raising production to two million barrels per day would stretch Saudi Arabia to its absolute limit.

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Yesterday, the deputy commander of the Sarollah Revolutionary Guards in Tehran warned that any attempt to undermine Iran's oil exports will lead to the closing of the Strait of Hormuz-a narrow waterway vital to oil distribution in the Persian Gulf region.

Spare capacity refers to the amount of extra oil barrels a producer can bring to the market in relatively short order.

U.S. West Texas Intermediate (WTI) crude futures were down 11 cents at $74.03.

"The responsibility of paying unnecessary prices for oil by all consumers of the whole world, especially in U.S. gas stations, is exclusively upon your (Trump's) shoulders and the price of over $100 per barrel is yet to come", Kazempour Ardebili told Reuters.

Oil was mixed on Thursday, with United States crude slipping and Brent futures little changed after data showed an unexpected build in U.S. crude oil stockpiles. "Your tweets have increased the prices by at least $10".

Traders also debated when production would restart at Syncrude Canada's 360,000 barrels per day (bpd) oil sands facility near Fort McMurray, Alberta, hit by a power outage last month and likely to remain offline through July.

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