Oil prices slip as Trump calls on Opec to lower prices

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

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

Oil prices eased on Thursday, pulling back after U.S. President Donald Trump urged OPEC to increase production at its meeting in Algeria, and slowing bullish momentum that had previously propelled the market toward four-year highs. This question could be answered this week-end when OPEC and other producers including Russian Federation meet on Sunday in Algeria to discuss how to allocate supply increases within their quota framework to offset the loss of Iranian supply.

The November Brent crude futures contract rose as much as 1 percent to almost Dollars 80 a barrel after a media report cited unnamed sources as saying Saudi Arabia was "comfortable" with the price at that level. As per EIA prediction, on an average, the United State's crude oil production rate for 2018 until now has been increased.

"Also, Iranian oil minister Bijan Zanganeh on Thursday said he would veto any OPEC deal that imperils Tehran's oil market share, complicating the organisation's talks with Russian Federation and other partners to institutionalise their supply management accord beyond this year".

Jason Gammel, analyst at USA bank Jefferies, said he expects Saudi Arabia to try to keep the oil market adequately supplied into 2019, "but at the cost of spare capacity", a key supply buffer to prevent oil price volatility.

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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.

US oil futures rose to a more-than two-month high Wednesday, helped by a fifth weekly crude inventory drawdown and strong domestic gasoline demand, amid ongoing supply concerns over USA sanctions on Iran that begin in early November.

Trump's call to OPEC comes as his country goes to mid-term polls - elections will be held to elect congressmen and senators to the House of Congress.

According to US Energy Information Administration figures, crude oil inventories fell for the fifth week in a row - diverging from Tuesday's unofficial data published by the American Petroleum Institute.

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The majority of OPEC's overall revenue fall next year is due to Iran's expected export plunge, while OPEC's statistics show some other members, especially Iran's Arab neighbors have been raising production and Libya is resuming the output rapidly.

He indirectly criticized Saudi Arabia for vowing to compensate for the market demand after the United States imposes oil sanctions against Iran on November 4.

USA crude oil stockpiles fell 2.1 million barrels in the week to September 14 to 394.1 million barrels, the lowest level since February 2015, EIA data showed. The freeze on output levels has helped to remove over-capacity from the market, meaning oil producing nations are benefiting from higher prices. Gasoline inventories fell by more than 1.7M barrels last week.

But while prices have risen, they are nowhere near the historic high of $143 per barrel in June 2008.

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