Trump blasts OPEC ahead of World Oil Outlook summit

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Oil prices steadied on Thursday after US President Donald Trump called on Opec to "get prices down now!", slowing an upward surge that has pushed the market towards four-year highs.

On Thursday, Trump linked American support for Middle Eastern countries to oil prices as he again urged OPEC to lower prices.

Because of these concerns, the worldwide benchmark, the Brent crude futures were up by 2 cents to trade at $79.05 per barrel after having gained 1.3% the day before. Please read our before commenting. Brent Crude oil prices were 48 percent higher in Q2 2018 than in Q2 2017 and averaged $75 per barrel, the highest since the fourth quarter of 2014, EIA data showed.

Capital expenditures also increased year on year in Q2-by 2 percent to US$70 billion, the EIA review of 76 USA energy companies, 13 Canadian firms, 9 European, and 9 other companies showed.

It will be their last meeting before the U.S. midterm elections next month. Millions of Trump voters live in major oil-producing states such as Texas, Oklahoma and North Dakota. Did that agreement allow other members to offset supply losses from Iran and Venezuela - as the Saudis argue - or did it merely reiterate that each country should pump in line with its individual target - Iran's position.

Worldwide benchmark Brent crude for November delivery was up 26 cents, or 0.33 per cent, at $78.96 a barrel by 0647 GMT.

Brent has been trading just below $80/Bbl, near its highest price for nearly four years, on expectations USA sanctions against Iran, Opec's third biggest producer, will reduce supply in world markets.

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While buyers have already reduced their purchases of Iranian oil due to the United States sanctions, it is not clear yet how other oil producing countries will be able to compensate for the loss of supply. It seems the damage from the Iran sanctions is underpinning the market, encouraging speculators to buy on the dips, while fresh supply news like weekly API and EIA reports is providing the firepower for weekly price spikes.

If Brent can break resistance at $79.68, it could climb towards $81.06 or even higher, he said, citing wave analysis on price charts.

The OPEC slam sent oil prices down slightly, however prices have enjoyed a robust rally this year as production wanes.

Crude inventories fell by 2.1 million barrels, the EIA data showed, compared with expectations for a decrease of 2.7 million barrels.

In a visit to Moscow this month, U.S. Energy Secretary Rick Perry asserted Saudi Arabia, the United States and Russian Federation can between them raise global output in the next 18 months to compensate for falling oil supplies from Iran.

The market reversed course after a source told Reuters that OPEC and its allies were discussing the possibility of raising output by 500,000 barrels per day.