Iran tells Trump to stop tweeting about oil prices

Iran has threatened to block oil exports through a key Gulf waterway in retaliation for USA efforts to reduce Iranian oil sales to zero.

"The OPEC Monopoly must remember that gas prices are up & they are doing little to help".

August West Texas Intermediate crude, the US benchmark, on the New York Mercantile Exchange, fell 55 cents, or 0.8 percent to $72.39 a barrel.

U.S. West Texas Intermediate (WTI) crude futures were at $74.60 a barrel at 0044 GMT, up 46 cents, or 0.6 percent, from their last settlement.

On Wednesday Trump took to Twitter to accuse Opec of "driving prices higher" and insisted there "must be a two way street".

Saudi Arabia has told OPEC it pumped 10.488 million barrels per day (bpd) of crude oil last month, an increase of 458,000 bpd from the level it said it produced in May, OPEC sources told Reuters on Thursday.

The U.S. government plans to shut Iran's oil exports out of the market from November, demanding that all countries stop buying its oil.

More news: Putin Helsinki July Meeting Focuses on Syria

Opec, together with a group of non-Opec producers led by Russian Federation, reduced output in 2017 to prop up the market.

The U.S. bank warned that supply threats were "threatening a sharp further rise in prices and global economic growth".

"People are firming up their numbers of how much Iranian oil exports will be lost, and how much Opec will increase". OPEC and its allies, namely Russian Federation, had agreed in a June meeting to effectively raise output by 1 million barrels a day to help counteract lost barrels from Venezuela and Iran.

"If Trump continues to believe that OPEC are not doing enough, we would not rule out a SPR (Strategic Petroleum Reserve) release from the USA, or possibly even export restrictions on petroleum products", ING said, in a note.

US tariffs on $34 billion in Chinese imports took effect as a deadline passed on Friday and Beijing has vowed to respond in kind.

Zanganeh called the tension between Tehran and Washington a "trade war" and said it had not led to changes in Iranian oil production and exports.

USA crude oil stockpiles unexpectedly rose last week, as imports grew and refineries cut output while gasoline inventories decreased almost double forecasts, the Energy Information Administration said on Thursday.

(Copyright © 2015. All Rights Reserved.)
 
Recommended

Eric Dier keeps cool ahead of penalty as England team-mates go wild
Courtois was not alone. "I might be young but I've got good mental strength and experience and I used that today". Another user, INFINITO wrote: 'That was Mateus Uribe's last game, that man is already dead'.

Clinical India humiliate Ireland by 143 runs for biggest T20 win
Porterfield (14) saw his middle stump knocked back by Yadav and Shannon (two) became Siddarth Kaul's first global T20 wicket. Ireland captain Gary Wilson is confident his side will get closer to India in Friday's second Twenty20 worldwide in Dublin .

Risky heat wave hitting US over Fourth of July weekend
Heat illness are possible for those active outdoors or those susceptible to heat illnesses, such as children or the elderly. Kennedy says the weather service could issue a heat advisory for Monday or Tuesday as the index could top 100 degrees.

Epic to Turn Off Fortnite’s Playground Mode Next Week
While it's now finally active and working as intended, it is a limited time mode, and as such won't be in rotation forever. And that's about to happen with Fortnite's Playground mode , at least temporarily.

Mallory's Forecast - Heat and Humidity Return!
Parts of New England experienced record-setting temperatures over the weekend, said Dan Petersen, an NWS meteorologist. Some of the storms will be slow-movers bringing lots of rain to some towns while others nearby get nothing at all.

German Chancellor Angela Merkel Agrees To Build Migrant Border Camps
However, there seems to be little appetite among Social Democrats leaders to oppose the plan this time and trigger another crisis. He told Sky News: "The problem is, the agreement only exists between the CSU, Seehofer's party and Angela Merkel's CDU".

Southgate insists there’s no point in playing to lose against Belgium
It was arguably England's toughest game up to yet in the Russian World Cup against Belgium , let's face it. Below are more details on the broadcast, which will be aired in Spanish and will begin at 1:30 p.m.

Moves the Lakers Need to Make to Compete With the Warriors
He averaged 9.2 points, 5.2 rebounds and 2.9 assists a game for IN last season, his first campaign without missing a game. If the Lakers choose not to acquire another star this offseason, they will have an excellent opportunity next year.

Donald Trump Mocks The #MeToo Movement And Social Media Slams Back!
The president has made the Montana race a priority as he hopes to help Republicans tighten the partys hold on the Senate. Trump then disparaged the Me Too movement - raising some eyebrows, but drawing laughter from the friendly audience.

Kane benched as England, Belgium make wholesale changes
But England top Group G because they have a better disciplinary record, after receiving two bookings compared to Belgium's three. Japan coach Akira Nishino has warned his players against complacency when they meet the already eliminated Poles.

Brazil seek to temper World Cup hopes of Belgiums Golden Generation
That set up the game nicely for a manic finish in which a clearly rattled Belgium failed to regain their attacking momentum. We had to be fearless tactically and to do that in a World Cup, the players have to believe.

Samsung Galaxy On6 with Infinity display launched in India for Rs 14,490
Using the rear imaging snappers, you can shoot images and record videos even in the dark owing to the presence of an LED flash. It is available on major e-commerce platforms including Amazon, Flipkart , Paytm, Samsung Store, and select offline stores.

Susan Collins Won't Support Anti-Roe v. Wade Nominee
Wade . "Academically, in every way", Trump said. "I'm going to pick someone who is outstanding", he said. He has often served as a swing vote between the court's liberal and conservative justices.

‘Top Gun 2’ Adds Miles Teller as Goose’s Son
The plot for the film will focus on the creation of drones and other new technology that is making human pilot's jobs obsolete. With Teller playing the child of Goose, it can only be assumed his wife ( Meg Ryan ) was pregnant in the film.

Luis Suarez plays down Cristiano Ronaldo feud ahead of last-16 tie
France were the first team into the last eight after a thrilling 4-3 win over Argentina which sent Messi home. Goalkeepers: Martin Campana (Independiente), Fernando Muslera (Galatasaray), Martin Silva (Vasco da Gama).


More News

News
More News