Donald Trump outraged by the OPEC for oil: "Lower prices now!"

Oil remained near the highest levels in three years on Independence Day in the United States tight supply in the country and abroad eclipse a Saudi promise to increase production. President Donald Trump reacted with an indignant tweet

The OPEC "does little to help" lowering the cost of gasoline, Trump said on Twitter. "That raises prices while the United States defends many of its members for very little money.This has to work both ways Lower prices now!"

The tweet came after the conclusion oil negotiations of the party in New York. Futures contracts increased 0.3%, extending the 15% increase in crude since early June. Earlier, the energy ministers of Saudi Arabia and Russia reiterated the agreement reached last month in Vienna to increase production by 1 million barrels a day after Trump said on Twitter over the weekend that the Middle East country he had assured that it could increase production twice that amount.

"Even though Saudi Arabia supplies much of the oil to replace the shortages of Iran, Libya or Venezuela, the market fears that we would reach very low levels of capacity unused, "said Bart Melek, Head of Global Primary Product Strategy. TD Securities in Toronto. "If something else happens, storing the market could be very difficult."

Saudi Arabia said that it could "use its unused capacity if necessary to cope with future changes in oil supply and demand, in coordination with others". According to a dispatch from the Saudi press agency SPA, […]

Despite Trump's current campaign to encourage a further increase in production, Morgan Stanley raised its forecast to US $ 85 on Tuesday. barrel for next year.

"Bulls Take Back Control," said Tamas Varga, an analyst at PVM Oil Associates Ltd. in London. "This gives the impression that no further increase in the supply of Gulf and Russian producers will replace the barrels lost from Libya, Iran and Venezuela."

West Texas Intermediate crude for August delivery rose 19 cents to $ 74.33 a barrel at the end of trading around 1 pm on the New York Mercantile Exchange, Nymex, which remained unchanged on Tuesday. near the highest intraday level of US $ 75.27. There was no trading on Wednesday because of the holidays.

Brent to September rose 48 cents to US $ 78.24 per barrel on the ICE Futures Europe stock exchange in London and was traded with a premium of US $ 6.28 over WTI. the same month

The American Petroleum Institute reported that US stocks fell by 4.51 million barrels last week and a Bloomberg study also estimates a decline. Inventories at Cushing's largest US storage facility in Oklahoma declined 2.6 million barrels, according to the API. If confirmed Thursday with government data, it would be the seventh consecutive fall. Bloomberg study predicts country's stocks will be reduced by 5 million barrels