Doubts Over OPEC Weigh on Crude Prices

Futures in New York dropped as much as 1.3% after the American Petroleum Institute was said to report nationwide crude inventories rose last week

Prior to Trump's April tweet, the price of oil had soared from $50 a barrel last fall to over $70. Investors are looking for signs of whether OPEC will reach a consensus on boosting production, with the group set for a fractious meeting in Vienna next week.

In its closely watched Monthly Oil Market Report published today, OPEC revised up its non-OPEC supply growth estimate by 130,000 bpd compared to last month's report, and now expects non-OPEC supply growth of 1.86 million bpd in 2018 compared to 2017.

Iran's OPEC governor, Hossein Kazempour Ardebili, fired back quickly at Trump's words.

"The prospect of easing supply curbs from OPEC-led producers continues to be reflected in oil's overall depressed price", Lukman Otunuga, analyst at brokerage FXTM said as quoted by Reuters.

The price of West Texas Intermediate, the North American benchmark, was trading lower by 33 cents at $66.03 U.S. per barrel following Trump's comment.

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Oil prices edged higher on Wednesday, turning positive after USA government data showed a bigger weekly draw than expected in domestic crude inventories along with unexpected declines in gasoline and distillate stocks. They plan to discuss oil, amongst other things.

His tweet comes in advance of a meeting of the Organization of the Petroleum Exporting Countries and Russian Federation planned for June 22 in Vienna to discuss easing supply caps that have been in place since the beginning of 2017. "The world economy is feeling some pain from higher oil prices", the IEA commented in its latest market report, adding "Increasing trade tensions are the main risk to our oil demand forecast".

With output in Russian Federation rising back above 11 million bpd.in June and Saudi production climbing to more than 10 million bpd., supplies from all three top producers are increasing. Prices nationwide have edged up toward $3 a gallon as the US hits its peak summer travel season, still less than the $4 a gallon in 2008 during the 2007-2009 Great Recession.

Even if the supply gap, triggered by the return of United States sanctions on Iran and a major political crisis in Venezuela, is plugged, the oil market will likely remain vulnerable to disruption next year, the IEA warned. Trump tweeted in April.

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