Donald Trump: OPEC is "doing little to help" with gas prices

India’s oil imports from Iran surged after US sanctions were lifted in 2015

WTI the previous day hit its highest since November 2014 at $75.27 a barrel. West Texas Intermediate, the USA benchmark for the price of oil, was up 1.51 percent to $75.06 per barrel, its highest level since November 2014.

Brent crude futures were changing hands at $78.04 per barrel, up 28 cents, or 0.4 per cent, from their last close.

On July 4 (which, as a reminder, is the anniversary of that time 563 years ago when Trump's ancestors liberated Manhattan from a cabal of nefarious Chinese overlords who were conspiring with European monarchs to unfairly tax Ford F-150 exports), the President did what every other president before him has done on Independence Day: He sent a 280-character, all-caps letter to OPEC demanding lower oil prices. While Trump says he wants lower oil prices, U.S. sanctions against OPEC members Iran and Venezuela are adding uncertainty to the market, causing prices to spike.

Oil prices edged up on Wednesday following a report of tightening U.S. fuel inventories amid an outage at Syncrude Canada oil sands facility in Alberta, which usually supplies the United States.

This is while world oil prices have climbed higher as the Trump administration has pressured U.S. allies to end all purchases of oil from Iran. This must be a two way street.

NASA presented images of the dwarf planet Ceres
"Don is like a master artist, who is adding rich details to the beauty of the other world in his close picture of Ceres ". While the name might not ring a bell even among space enthusiasts, the "bright spots" contained within the crater should.

Three suspects charged with kidnapping Halloween actor
If convicted, Stewart and Jones face a maximum possible sentence of life with no possibility of parole, while Neal faces life. Jones is being held on $3 million bail, Stewart is being held on $2 million bail, and Neal is being held on $1 million bail.

Woman starts to climb Statue of Liberty after immigration protesters arrested
Liberty Island has been evacuated while they attempt to get her down, according to Jerry Willis with the National Park Service. In February previous year , protesters hung a giant "Refugees Welcome" banner across the Liberty statue's observation deck.

Crude oil prices rose on Tuesday with the US benchmark hitting a four-year high on expected drains in domestic inventories and outages in Libya.

OPEC together with a group of non-OPEC producers led by Russian Federation started to withhold output in 2017 to prop up prices.

Recent price rises have also been spurred by a USA announcement that it plans to reintroduce sanctions against Iran from November, targeting oil exports.

"A key driver of the rise in prices has been the OPEC-Russia deal to cut oil output, compounded by collapsing Venezuelan production and the United States decision to end the Iran deal", National Australia Bank (NAB) said in its July outlook. OPEC reached an agreement in June to increase output, but this did little to stop the rise in oil prices.

Iran has threatened to block oil exports through a key Gulf waterway in retaliation against any hostile USA action. That means just three countries, Russia, the United States and Saudi Arabia, meet a third of global oil demand.

Related:

  • Trump administration says China Mobile should not access US  market

    Trump administration says China Mobile should not access US market

    The Chinese spokesperson said that Beijing was well prepared to take the necessary measures if the tariffs came into force. Giving China Mobile access to the USA telecommunications market could lead to a spike in Chinese spying, it said .
    Federer eases into 3rd round at Wimbledon

    Federer eases into 3rd round at Wimbledon

    Second seed Caroline Wozniacki crashes out of Wimbledon as the Williams sisters make it through to the third round. Venus Williams was also in action on Wednesday.
    Exciting progress in development of artifical ‘ovaries’

    Exciting progress in development of artifical ‘ovaries’

    But still, the experts say that the experiment is in its initial development stage and human testing will have to be carried out. Although the risk is quite low, yet women with specific kinds of cancer could not get this treatment.
  • Setback for Kim Dotcom in mega online piracy battle

    Setback for Kim Dotcom in mega online piracy battle

    German-born Dotcom, who has New Zealand residency, became well known for his lavish lifestyle as much as his computer skills. Dotcom's lengthy legal battle has previously seen the District and High Courts find against him.
    Anirban Lahiri bounces back at Quicken Loans National

    Anirban Lahiri bounces back at Quicken Loans National

    Francesco Molinari cruised to an eight-shot win at the Quicken Loans National after firing an impressive 62 on Sunday. The 35-year-old eagled the 10th hole and followed with four consecutive birdies as a magical 59 appeared in sight.
    President Trump's proposed FART Act mocked on Twitter for name oversight

    President Trump's proposed FART Act mocked on Twitter for name oversight

    Trump's aggressive stance has roiled USA relations with allies and trading partners from Europe to China. The White House didn't immediately respond to HuffPost's request for comment.
  • Police pull protester off Statue of Liberty

    Police pull protester off Statue of Liberty

    Trump has said on Twitter that abolishing ICE will "never happen!" The sign was taken down about an hour after being discovered. It was later found out that the other seven had a banner stating "Abolish ICE", but the climber was not with them.
    Mario Hezonja agrees to sign with New York Knicks

    Mario Hezonja agrees to sign with New York Knicks

    The signing of Hezonja ensures that Knox won't just be thrust into the starting role and given a sink or swim ultimatum. Thankfully for the New York Knicks , the David Fizdale Effect is already being felt in his first offseason at the helm.
    From Whiskey To Lobsters, States Brace For Retaliatory Tariffs

    From Whiskey To Lobsters, States Brace For Retaliatory Tariffs

    Starting on Monday, the campaign focuses on tariffs being issued by China, Canada, Mexico, and the European Union . Critics dismissed Beijing's commitments as vague, and Trump chose to proceed with the tariffs after all.
  • Serena Williams: 'Why I stopped breastfeeding my girl'

    Serena Williams: 'Why I stopped breastfeeding my girl'

    There was something old, something new and something blue on show on Monday as Serena Williams swapped the skin-tight catsuit that caused a stir in Paris for a more conservative look on her return to Wimbledon for the first time since becoming a mum.
    United Kingdom  government vows to end 'abhorrent practice' of gay conversion therapy

    United Kingdom government vows to end 'abhorrent practice' of gay conversion therapy

    It will be one of 75 pledges in a government plan, along with an $8million fund, to tackle issues revealed in the survey. The survey, which had over 108,000 respondents, shows LGBT people are experiencing prejudice on a daily basis.
    Miki Sudo downs 37 dogs to win fifth women's title

    Miki Sudo downs 37 dogs to win fifth women's title

    Chestnut said he had "a vision" for this year's win, and seemed to be unfatigued after "10 minutes of work". The contest will take place July 4 at Nathan's Famous restaurant at Coney Island, New York .

Comments

Latest news

Neymar promised land in Kazan for hat-trick against Belgium
Expectations will be sky high for Tite's men, with the South Americans just three wins away from a first World Cup title since 2002.

Trump asked aides why we can’t just invade Venezuela
Washington might indeed have not entirely given up on an idea of an intervention, or at least a military coup in Venezuela. Trump!" Maduro said Trump's question to his advisers came after Venezuelan opposition figures visited the White House.

Trapped Thai Boys Appear In Good Spirits In New Video From Cave
This could be as short as 15 to 20 minutes or as long as an hour, depending on how comfortable the boys are. I've been waiting for 10 days, I never imagined this day would come", the father of one of the boys said.

Is Donald Trump on a relentless quest to corner Iran?
Donald Trump (R) shakes hands with Saudi Arabia's Crown Prince Mohammed bin Salman. Iran says it will find ways to export its oil , despite what he does.

What is JioGigaFiber? What are the services offered?
He made a number of announcements, revealing that Reliance Jio now has 215 million users, and JioPhone has 25 million users. Other connectivity options include Wi-Fi, Bluetooth, NFC, GPS, FM Radio, 3.5mm audio jack, and a MicroUSB 2.0 port.

Cabinet approves Rs 200 per quintal hike in MSP for paddy
The move comes ahead of crucial elections in Madhya Pradesh and Chhattisgarh and the general elections due in 2019. As against to this, the government's formula used calculating the input cost considers only the sum of A2 and FL.

Coinbase’s New Custody Service Opens Its Doors
In a blog post , Coinbase said that "Custody" received its first deposit last week will continue to onboard new clients. The cold storage system in particular has undergone "rigorous penetration testing" and a cryptographic design review.

Federation Internationale de Football Association 'strongly rebukes' Diego Maradona comments after England win against Colombia
A poor Kyle Walker giveaway in the 81st minute nearly cost them, but Juan Cuadrado blazed over from a good position. Brazil remain favourites at 11/4, while Harry Kane is odds-on at 1/4 to bring home the coveted Golden Boot.

Manchester United sign Stoke keeper Grant - Premier League 2018
Grant represented the England national team at various youth levels, but has never been selected for the Three Lions' senior side. Bringing in Grant will allow Pereira to move away on a temporary spell and gain some valuable first-team experience elsewhere.

Steph Curry Announced Some Major Personal News On Instagram
National Basketball Association superstar Stephen Curry and his wife, Ayesha , shared photos of their new baby boy on Wednesday. Steph shared a different, color photo of Canon with the message, "On this journey, on this quest. protect me.

Two critical after 'major incident' near poison site
The Skripals spent weeks in a critical condition in the same hospital before recovering slowly and being discharged. Mr Rowley is a registered heroin addict and police and doctors initially thought the incident was drug-related.

China will counterpunch United States with $34 billion in tariffs
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.03 percent after declining 0.4 percent the previous day. The euro was off by 0.1 percent at $1.16450 EUR= while the dollar was good for 110.52 yen JPY= , down 0.1 percent.

Blac Chyna has new teenage boyfriend | Arts & Entertainment
A source told TMZ.com : "He first hooked up with Chyna two to three months ago, hitting her up on Instagram after learning they had the same lawyer ".

Scarlett Johansson responds to backlash for being cast as trans man
Sky News has contacted Johansson's publicist for comment. Cast actors WHO ARE TRANS as NON TRANS CHARACTERS. Scarlett Johansson has done this twice now.

Merriam-Webster mocks Trump over misspelled tweet
Trump, the author of many "how to get rich" biographies, tweeted to defend his style of tweet-writing. President Donald Trump was mocked by both J.K.

Other news