Economy

Gas prices are up and OPEC ‘doing little to help’

Gas prices are up and OPEC ‘doing little to help’

Oil traded near its highest in 3-1/2 years on Thursday, boosted by potential disruptions to flows from Iran and the Middle East despite a fresh demand from U.S. President Donald Trump that OPEC cut prices.

Trump's tweet triggered reaction from Iran, a founding member of OPEC, whose oil exports have been targeted by U.S. sanctions. Irritated by what he feels is a lack of cooperation from the Saudis who head OPEC, added: "If anything, they are driving prices higher as the United States defends many of their members for very little $'s". This must be a two way street.

In other news, late Tuesday while traders were already preparing for the U.S. Independence Day holiday, the American Petroleum Institute (API) reported another major draw of $4.5 million barrels of U.S. crude oil inventories during the week-ending June 29. Rising gasoline prices could create a political headache for Trump before November mid-term congressional elections by offsetting Republican claims that his tax cuts and rollbacks of federal regulations have helped boost the US economy.

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"Your tweets have increased the prices by at least $10", Kazempour Ardebili said, according to the outlet Shana.

On Monday, Trump took another swipe at OPEC, accusing the oil organization of not helping the USA to reduce domestic gasoline prices.

The growing U.S. pressure on the world to totally stop buying Iranian oil has produced a warning from top Iranian officials that the world economy, and America's economy in particular, would pay a severe price from such a ban. That may reduce the pressure on Saudi Arabia to keep oil prices high, said John Kilduff, partner at energy hedge fund Again Capital LLC in NY.

Thailand Soccer Team Rescue Is ‘Very Tricky’
A Thai rescuer prepares oxygen tank for diving after the 12 boys and their soccer coach were found alive. In the meantime, the boys and their coach will now be given lots of supplies and medical attention.

"We are making meaningful changes to our supply forecasts: we see lower output from Iran, Libya and Angola ahead, but increase our forecasts for Saudi Arabia", wrote Martijn Rats, equity analyst at Morgan Stanley. "Please stop this method". "We are protecting those countries, many of those countries", he said.

Matthew Smith, the director of commodity research at ClipperData, told UPI that oil prices so far this week are moving on one hand on OPEC pledges of more production, but correcting later on fears of supply-side strains. The U.S. benchmark West Texas Intermediate was $73.22 a barrel, down 1.24 percent. Brent, the global benchmark, shed 0.5% to $77.77 a barrel.

"They have to put out another 2 million barrels in my opinion", he said in the July 1 Fox interview.

Your England v Colombia match predictions
Who wins England-Colombia? And where does all the value lie? Quintero in particular will be crucial especially if James is absent. The former England skipper has joined DC United and looks set to spend the rest of his playing career in Major League Soccer.


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