Last week, the API reported a draw of 1.047 million barrels of crude oil.
Conversely, earlier in the day, Trump's remark that Iran will "have big problems, bigger than they've ever had before" if it restarts its nuclear program, caused Brent to spike to a 3 year high of $75.47. According to the experts, new sanctions against Tehran will raise oil prices by up to 5 Dollars per barrel.
Analysts said fresh positions built up by participants in tandem with a firm trend overseas on expectations that supplies will tighten lifted the sentiment here.
"Money managers are overwhelmingly betting that oil prices will continue to rise in the short term as geopolitical wild cards trump concerns that USA shale and other non-OPEC supply growth could offset part of OPEC's efforts to further tighten the oil market", according to Oilprice.com, a prominent industry site.
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The West Texas Intermediate for June delivery fell 0.94 USA dollar to settle at 67.70 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery lost 0.85 dollar to close at 73.86 dollars a barrel on the London ICE Futures Exchange.
This is unedited, unformatted feed from the Press Trust of India wire.
"Trump does not understand the situation in the oil market, where it is production output that forms the balance of supplies and demand and, consequently, the price". Analysis from commodity pricing group S&P Global Platts found Brent was supported by global supply risks, while the US benchmark was bogged down by the "relentless" increase in shale oil production. The global benchmark crude traded at a $6.17 premium to June WTI, near the widest level since January. "Oil at $100 would essentially amount to a doubling of the price from the past few years, which would quickly put an end to high demand growth rates", ET said. "No good and will not be accepted!".
As oil prices surged, US President Donald Trump took Opec to task on Friday. U.S. crude rose 3 cents to $68.67, having hit its highest since November 28, 2014 on Tuesday.
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"OPEC and its non-OPEC partners are now receiving greater acknowledgment for market discipline, views of shale oil economics are no longer the most important price-setting factor, and demand pessimism is significantly reduced", the bank said.
One of the factors limiting the oil rally is rising United States production.
Crude oil futures are trading lower early Wednesday as investors show their reaction to yesterday's dramatic reversal down and to a private industry report showing a slight rise in US inventories.
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Now, thanks to the massive output drop in Venezuela and the OPEC led production cuts, prices are being driven up.