Trump blasts OPEC 'monopoly' for higher oil prices

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Donald J. Trump @realDonaldTrump We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices!

Varga further expanded by saying that the current trade war between the U.S. and other countries should have impacted the price of oil.

Data from the InterContinental Exchange showed open interest in calls that give the owner the right to buy Brent futures at $80 and $85 by next week grew by almost 45 per cent on Monday and Tuesday to an equivalent of 54 million barrels of oil. Please read our before commenting.

Front-month London Brent crude, for November delivery, was down 2 cents at $79.38, having ended up 37 cents.

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The recent surge in USA oil production, led by the Permian Basin of West Texas, has allowed the energy industry to quickly recover from a deep slump that killed thousands of jobs and caused dozens of bankruptcies.

Net U.S. crude imports fell last week by 106,000 barrels per day, as exports jumped over 500,000 bpd to 2.4 million bpd. Saudi Arabia hasn't yet fulfilled its pledge to lift output to an all-time high, but the kingdom has still added nearly half a million barrels to daily supply since May.

Investors also bet that rising output from OPEC and other members may not be adequate to address shrinking supplies from Iran.

Brent oil traded near the highest level in a week after Saudi Arabia was said to be content with the global benchmark crude breaking above USD80 a barrel.

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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.

Falih also met last week with US Energy Secretary Rick Perry, who praised the efforts of Saudi Arabia and Russian Federation to keep the market well-supplied.

"We believe OPEC will, at the very least, signal that it plans to do more in light of Venezuela declines and expected impact of United States sanctions on Iran exports", Hedgeye senior analyst Joe McMonigle said.

Oil rose for a third day on Thursday amid another drawdown in U.S. inventories and strong United States gasoline demand, while signs OPEC may not raise output to address shrinking supplies from Iran also supported prices.

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The president has tweeted several times that he wants low oil prices, prodding OPEC to simply open its spigots. The freeze on output levels has helped to remove over-capacity from the market, meaning oil producing nations are benefiting from higher prices.

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