Trump blasts OPEC over manipulating oil markets

The White House has backed off a tweet from President Donald Trump indicating he had convinced the king of Saudi Arabia to produce an extra two million barrels of oil per day

Iran to allow private sector to export oil, beat US sanctions

The United States remains determined to force Iran to change its behavior by cutting its oil exports to zero, the State Department said Monday, despite resistance from importing countries.

The quick drop after WTI reached US$75 might have been due to "a bout of long liquidation in front of the holiday", said Bill O'Grady, chief market strategist at Confluence Investment Management in St. Louis.

The president, in an interview with Fox News's "Sunday Morning Futures with Maria Bartiromo also piled pressure on close United States allies with a threat to sanction European companies that do business with Iran".

Vijay Valecha, chief market analyst at Century Financial Brokers, said the UAE's crude oil production peaked in October 2016 at 3.13 million bpd and has declined since then in line with the Opec production cuts.

Oil's early gains came after the website quoted Iranian President Hassan Rouhani as dismissing Washington's attempt to stop Iran's oil exports.

Saudi Arabia doesn't seem to be in a rush to fulfill Trump's request for an extra 2 million barrels per day. "On balance, this leaves the oil market tighter than before, with less spare capacity".

Some are saying that the United States' recent declaration of zero tolerance for Iranian exports has caused bullish investors to reassess the impact of USA sanctions on Iran's exports, believing that shipments may fall by 1.1 million bpd by year end. While the comments were ambiguous, Iranian officials in the past have threatened to block the Strait of Hormuz, a major oil shipping route, in retaliation for any hostile US action.

Crude oil prices rose on Tuesday with the US benchmark hitting a four-year high on expected drains in domestic inventories and outages in Libya.

Looming U.S. sanctions against Iran further contribute to expected tightness.

Some key countries are reliant on Iranian oil imports, including India and Turkey.

The developments were preceded by US President Donald Trump tweeting about his telephone talk with Saudi King Salman bin Abdulaziz Al Saud, who allegedly agreed to Washington's proposal to increase Riyadh's daily oil production to two million barrels.

Oil prices fell on Monday, reversing course from last week as supplies from Saudi Arabia and Russian Federation rose while economic growth stumbled in Asia amid escalating trade disputes with the United States.

Apart from Iran, Venezuela, Libya and Angola are also facing chronic production issues. Inventories at Cushing, Oklahoma, fell 2 million barrels last week, according to a separate forecast compiled by Bloomberg.

The issue is of concern as crude oil prices hit four-year highs. That's what we're doing.

The president also had tough words for other USA allies.

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