Oil holds near $74 as Trump lambasts OPEC to temper price surge

Outage in Alberta's oilsands is pushing U.S. crude to a four-year high

Writing on Twitter Wednesday, the US President said OPEC is doing little to help.

"This must be a two way street", he wrote, adding in block capitals, "REDUCE PRICING NOW!"

Such a move by Beijing-which appears more likely with this latest round of tit-for-tat tariffs-threatens to limit US crude oil exports to China that have been gaining pace in recent months and eating into OPEC's share in the market-a market that is setting the pace of global oil demand growth.

Brent crude oil edged up Wednesday after a second consecutive drop in US crude inventories, driven by an outage at the Syncrude Canada oil sands facility, which usually supplies the U.S.

Iranian OPEC Governor Hossein Kazempour Ardebili claimed Thursday Trump's tweets are putting upward pressure on prices.

Saudi Arabia's total supplies to the market in June were even higher than well-head production, the sources said, suggesting the Kingdom sold crude from storage. "Overall we still expect U.S. shale to expand with prices around these levels, although it is fair to suggest that the pace of expansion has been slower than we expected". Moreover, Obama was able to do this without increasing oil prices because a surge in USA shale oil drilling more than offset lost Iranian exports.

USA oil futures surged past $75/bbl on Tuesday for the first time since 2014.

Vijay Valecha, chief market analyst at Century Financial Brokers, said the UAE's crude oil production peaked in October 2016 at 3.13 million bpd and has declined since then in line with the Opec production cuts.

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On Tuesday, crude closed near 78 dollars per barrel, driven higher by a sharp drop in USA inventories and the expectation of more drivers hitting the road for the July 4 holiday.

The price went up when OPEC chose to cut production a year ago.

As well as declines in nationwide stockpiles, inventories in the key US storage hub of Cushing, Oklahoma, shrank by 2.6 million barrels, the API was said to report. If anything, they are driving prices higher as the United States defends many of their members for very little $'s.

Oil prices have been rocked by recent comments from President Donald Trump. If so, such a boost would be significant for the country's oil production, which hit 10.03 million barrels per day (bpd) in May.

Oil was trading at over $78 per barrel of the Brent benchmark on Thursday, while US West Texas Intermediate was trading at $74.55. "Since when did you start ordering OPEC", he said, according to Shana.

At the time, Trump tweeted that he spoke with Saudi Arabia's King Salman to ramp up oil production to lower prices.

- The price of US crude oil has shrugged off a demand by US President Donald Trump that OPEC cuts prices.

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