US OIL re-testing 50 MA. Trump's tweet in play?

Oil prices fall amid surprise growth in U.S. crude stocks

However, President Trump sent it lower with a tweet yesterday criticising the high oil prices and letting OPEC know he wants to see it down.

Reuters reported that traders and investors have loaded up on bullish Brent oil bets this week, after signals that Saudi Arabia is in no rush to increase production, even with the price near United States dollars 80 and as buyers grow uneasy over the impact of USA sanctions on Iranian supply.

WTI prices were up Thursday morning on the news that USA crude oil inventories were down 2.1 million barrels last week, the fifth straight week of declines. Meanwhile, an industry report Tuesday showed USA crude stockpiles increased 1.25 million barrels last week, defying expectations for a decline ahead of government data.

Saudi Arabia has markedly increased oil exports to America, a sign OPEC's leading producer is responding to pressure from Trump.

Gasoline consumption usually picks up in the summer and wanes in autumn, but demand remained strong in the latest week, estimated at 9.5 million barrels per day.

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The rebound gained steam earlier this year after production problems in countries like Venezuela and Libya caused the group to cut more deeply than they intended.

OPEC and its allies seem poised for another contentious meeting in Algeria this weekend as Iran - wounded by US sanctions - cries betrayal and threatens to veto decisions.

Brent crude is now trading near to $80 per barrel, close to its highest level since November 2014.

The recent surge in United States oil production, led by the Permian Basin of West Texas, has allowed the energy industry to quickly recover from a deep slump that killed thousands of jobs and caused dozens of bankruptcies.

For the same period, analysts expected crude inventories to decrease by about 2.7 million barrels.

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But allowing prices to rise too high could lead to a drop in oil consumption, with some already forecasting tepid growth in 2019 global demand.

The news that OPEC may increase production by a half-million barrels quickly quelled those concerns. However, that war is not having an impact on crude oil.

Falih also met last week with US Energy Secretary Rick Perry, who praised the efforts of Saudi Arabia and Russian Federation to keep the market well-supplied. The price of oil is up 7 percent in the last month and almost 18 percent for 2018.

Opec and oil producers outside the group, including Russian Federation, will meet on Sunday to revise oil production quotas.

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