In a letter to United Arab Emirates Energy Minister and OPEC President Suhail Mohamed al-Mazrouei, Iran's Oil Minister Bijan Zanganeh said: "OPEC decisions by no means warrant any action by some of its member countries in pursuit of the call for production increase by U.S., politically motivated against Iran". Rising gasoline prices could create a political headache for Trump before November mid-term congressional elections by offsetting Republican claims that his tax cuts and rollbacks of federal regulations have helped boost the US economy.
"Please stop it, otherwise it will go even higher".
"An unexpected build in the United States commercial crude inventory has prompted profit-taking", said Abhishek Kumar, senior energy analyst at Interfax Energy in London.
On Wednesday, an Iranian Revolutionary Guards commander said Tehran might block oil shipments through the Strait of Hormuz.
Brent oil rose on Wednesday, driven higher by a threat from an Iranian commander and a drop in US crude inventories for the second week in a row.
Crude inventories fell by 4.5 million barrels in the week to June 29 to 416.9 million, compared with analysts' expectations for a decrease of 3.5 million barrels.
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At the same time, Beijing has reiterated it will roll out tit-for-tat tariffs as tensions rapidly escalate. It's also bigger than the $505 billion of goods that the United States imported from China a year ago .
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Elizabeth Warren ripped President Donald Trump on Twitter after he insulted her at a campaign rally in Montana. Trump, in an effort to attack Tester, painted Democrats as the party of open borders and crime.
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An American tourist is dead and nine others are injured after a boating incident off the coast of Barraterre in the Bahamas . Ms Schaffer was sitting right above the location of the blast and is also in a critical condition, her uncle told NBC News .
Trump's tweet on Wednesday came just a couple of days before OPEC meets in Vienna, and less than a week after the oil producer's cartel agreed to increase output by as much as 600,000 to 800,000 barrels a day to the market.
"Another major consideration is the extent to which United States shale production will respond to higher prices".
Last month, Saudi Arabia and Russian Federation agreed to increase production and the USA continues to produce at record levels, however, unless there is a drop in demand, it appears we are headed toward a supply deficit later this year.
USA markets also garnered support from a government employment report showing better-than-expected growth in jobs.
Prices have risen as a result of Washington's plans to reimpose sanctions against Iran, OPEC's No. 3 producer, analysts said.
South Korea, a major buyer of Iranian oil, will not lift any in July for the first time since August 2012, three sources familiar with the matter said on Friday.