Oil falls as Trump pressures OPEC

Oil rises further above $67 as OPEC cuts counter economic concern

Oil rises further above $67 as OPEC cuts counter economic concern

Today's tweet sent oil prices downward as well, with WTI trading down $0.46 (-0.77%), and Brent down $0.52 (-0.77%) at 11:25am EST.

Worldwide benchmark Brent crude fell slightly to $66.44 at 0712 GMT on Monday, while American benchmark West Texas Intermediate (WTI) saw prices of $58.67.

Prices came under pressure from a rise in USA inventories, although analysts pointed to support from efforts by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russian Federation, known as OPEC+, to trim output.

Crude futures were little changed in post-settlement trade after the American Petroleum Institute, a trade organization, said US crude inventories rose 1.9 million barrels in the latest week. The price action is also indicating a slight divergence between WTI and Brent crude oil with the USA market showing more strength this week.

Further price support came from another power cut in Venezuela, the second to hit the OPEC nation this month, raising concern about the country's oil exports.

Oil prices fell on Thursday, extending losses into a second straight session, after widely watched data showed a surprising increase in United States stocks. OPEC was supposed to convene to discuss oil output in April, but have since canceled the meeting as the group and its allies remain in agreement to hold production cuts at 1.2 million barrels per day.

"All options" on table unless Russian Federation pulls troops from Venezuela
President Donald Trump said " Russia has to get out" and that "all options are open" as to how to make that happen. The United States and more than 50 other countries have recognized Guaido as Venezuela's interim president.

President Donald Trump called OPEC out on Twitter once again on Thursday, pressing the oil "monopoly" to stop driving prices higher. Higher US crude oil production might be pressuring WTI more than Brent crude oil prices.

Both the crude oil benchmarks plunged by over 3% in the last week hitting their highest since a year ago November.

However, Russia's Gazprom Neft, one of the important non-OPEC oil producing stalwarts, stated it does not expect to continue the previously agreed upon supply cuts through the end of 2019.

Stock markets have been volatile this year amid signs of a sharp global economic slowdown.

Commerzbank noted declines in US crude stocks and expenditure by USA shale firms were also providing support.

Recommended News

  • India is a 'space superpower', boasts Narendra Modi after anti-satellite test

    India is a 'space superpower', boasts Narendra Modi after anti-satellite test

    India says it has successfully tested an anti-satellite weapon in an unexpected announcement just weeks before general elections. In 1985 the United States tested the ASM-135, launched from an F-15 fighter, destroying a U.S. satellite called Solwind P78-1.
    Russian Military Officials in Venezuela for Defense Industry Talks

    Russian Military Officials in Venezuela for Defense Industry Talks

    Russian Federation says it is concerned that the U.S.is considering military intervention in Venezuela. Current president Nicolas Maduro, who is backed by Russian Federation , said this was a coup attempt .
    Manchester United may sign Borussia midfielder for £80m

    Manchester United may sign Borussia midfielder for £80m

    Juventus - the club that Pogba spent four years at between 2012 and 2016 - are also in the mix for his signature. Moreover, Real Madrid have had their fair share of experiences with Raiola as far as transfers are concerned.
  • Borderlands 3 Has Finally Been Announced by Gearbox Software

    Borderlands 3 Has Finally Been Announced by Gearbox Software

    At one point Borderlands 2's Maya, who also happens to be a Siren, makes an appearance, though with much longer hair now. We were treated to the first trailer for the highly anticipated threequel, which, of course, promises billions of guns.
    Trump Justice Dept. Asks Court of Appeals to Erase Obamacare

    Trump Justice Dept. Asks Court of Appeals to Erase Obamacare

    Building the wall was one of Trump's most repeated campaign pledges, though he said it would be paid for by Mexico, not taxpayers. It creates a national reinsurance program to offset high medical bills for insurers and thereby keep premium increases in check.
    LeBron, Lakers eliminated from playoff contention

    LeBron, Lakers eliminated from playoff contention

    The last time the NBA's best player wasn't in the postseason was in 2004-05, his second season with the Cleveland Cavaliers . JaVale McGee had a career night with 33 points to go with 20 rebounds and six blocks to lead the Lakers throughout the night.
  • China opposes U.S.  decision to recognise Israel’s sovereignty over Golan Heights

    China opposes U.S. decision to recognise Israel’s sovereignty over Golan Heights

    Israel captured the region from Syria in 1967 but its sovereignty over the territory is not recognized by the worldwide community. In the 1973 Middle East war, Syria tried to take Golan Heights back, but was unsuccessful. " Trump's decision is worthless".
    European leaders demand win-win relationship with China

    European leaders demand win-win relationship with China

    All the agreements, including one on French exports to China of frozen chicken, amount to a total of some $40 billion. The country opened its market to French beef products following Macron's January 2018 state visit to China.
    Becky Lynch expected to sign new multi-year deal with WWE

    Becky Lynch expected to sign new multi-year deal with WWE

    Rousey - who made her WWE debut almost a year ago after building her career in the UFC - is the current Raw women's champion. WWE officials strongly considered having the WWE Championship Match between Brock Lesnar and Seth Rollins close the show.
  • Xiaomi puts a different spin on folding phones

    Xiaomi puts a different spin on folding phones

    Another interesting thing is that the folded screens at the back are still lit but only the front display is seen functional. If the numbers are true, the Galaxy Fold should be able to withstand 100 folds and unfolds in a day for around five years.
    Apple launches the AirPods 2 - but it won’t come in black

    Apple launches the AirPods 2 - but it won’t come in black

    The Company claims that it is capable of delivering 5 hours of battery in a single charge and over 24 hours in the charging case. Apple had a great chance to make a re-announcement regarding AirPower , and however, the Cupertino giant missed the opportunity.
    Britain’s May to meet ministers amid reported moves to oust her

    Britain’s May to meet ministers amid reported moves to oust her

    Despite May's letter to lawmakers, it was not clear what path her minority government would take this week. He said a change of leadership would not provide a solution to the UK's political deadlock on Brexit.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.