Speaking of oil, recently oil prices were increased by 1.6% in the USA, as the US stocks fell by 5.3 Million barrels.
Analysts argued that the continued drawdowns in oil stockpiles, even though we are past the summer driving season, are a result of increased USA crude oil exports, which have been supported by the widening differential between USA benchmark WTI prices and the global benchmark, Brent crude.
Trump's fresh Twitter intervention in the oil market comes before a meeting of ministers from the Organization of Petroleum Exporting Countries and its allies in Algeria on Sunday. There was increase in the USA crude futures with $1.12 i.e.by 1.6%, which settled at $70.37 a barrel.
Between 2011 and 2015, when the difference in price between domestic crude oil and foreign crude oil was significantly greater than it had been in previous years, refineries on the US East Coast increased receipts of domestic crude oil, particularly by rail and domestic marine shipping. Many OPEC delegates have, however, privately been unhappy about Trump's bombastic tweets making it hard to maintain cohesion within the group, as Iran and Venezuela have railed against capitulating to the president. "We will remember", Trump tweeted. The price of oil is up 7 percent in the last month and almost 18 percent for 2018.
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But on Tuesday Bloomberg cited unnamed Saudi sources as saying the kingdom was comfortable with oil above $80, at least for the short term, helping to push prices higher.
Aside from the presidential tweets, pressure has been mounting on OPEC to increase production ahead of United States sanctions against Iran, which come into effect in November.
High gas prices can be an issue for voters, and Trump's attacks come just a couple of months ahead of U.S. midterms, where analysts say rising prices could hurt Republicans.
Still, many traders and analysts expect Brent to move above $80 soon.
USA sanctions on Iran could make it hard for countries to buy Iranian oil, opening the door for other countries like Iraq to become oil exporting powerhouses. It is unclear whether producers such as Saudi Arabia, Iraq and Russian Federation can compensate for lost supply. "Brent is definitely fighting the $80 line, wanting to break above", said SEB Markets chief commodities analyst Bjarne Schieldrop, Reuters reported.