Can Donald Trump Lower Gas Prices? President Lashes Out at OPEC

Gold daily chart triangle on the verge of breaking

Oil prices were mixed on Thursday, with Brent slipping and USA crude gaining, as a stronger dollar weighed and a key supply-setting meeting of the Organization of the Petroleum Exporting Countries loomed. "Not good!" Trump tweeted Wednesday morning. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High!

After months of sharp oil price rises there is now considerable uncertainty as to the market's direction for the rest of the year, OPEC said on Tuesday as a key meeting of oil producers looms.

Indian Oil Corporation (IOC) chairman Sanjiv Singh met Wang Yilin, chairman of China National Petroleum Corporation (CNPC) in Beijing on Monday and held discussions to facilitate more U.S. crude oil imports to Asia to cut the dominance of OPEC. In addition to this, the new arrival of fracking firms in the USA led to pumping huge quantities of oil and gas, thus impelling more price fall.

President Donald Trump blames OPEC for oil prices that he says are too high, and no doubt many Americans feel the same way.

"The market will be finely balanced next year, and vulnerable to prices rising higher in the event of further disruption", the IEA said in its monthly report.

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After peaking in May at $80.50 a barrel, prices have pulled back, with the price of Brent crude trading on Wednesday near $76 at barrel, partly in anticipation that the deal may end, and as Saudi Arabia and Russian Federation have already started increasing production.

The price of West Texas Intermediate crude oil is now $66.60 a barrel.

"Expect more of the same whippy markets driven by rumors and innuendo ahead of the June 22 Vienna OPEC meeting", Innes said.

"You would essentially be taking 3.2 million barrels per day (bpd) of spare capacity down to approximately 2 million bpd", Jefferies analyst Jason Gammel said, adding global demand was 100 million bpd.

Barclays said in a note that it expected the group to increase production by 700,000 to 800,000 bpd.

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US West Texas Intermediate (WTI) crude futures were at $66.24 a barrel, up 14 cents, or 0.2 percent.

Predictions for the scale of increase ranged from about 180,000 barrels a day to as much as 1 million barrels.

Official US production and inventory data is due to be published on Wednesday by the Energy Information Administration.

As the output cuts are bigger than intended, the producers would only need to announce full compliance with their overall target to advertise that supplies will rise.

Oil prices turned positive on Wednesday after a bigger-than-expected decline in USA crude inventories along with surprise drawdowns in gasoline and distillates indicated strong demand in the world's top oil consumer. Given the backing of the two largest producers participating in the accord, an output increase " looks inevitable" Citigroup analysts led by Ed Morse said in a report on Tuesday.

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