Trump eyes oil prices: ‘OPEC is at it again’

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A man fixes a sign with OPEC's logo next to its headquarters' entrance before a meeting of OPEC oil ministers in Vienna, Austria, November 29, 2017.

U.S. President Donald Trump said on Wednesday oil prices were too high and blamed OPEC, renewing his attack even as prices fell on Wednesday amid expectation that the group may relax its output cuts later this month.

The recent spike in oil should ease in the near term, according to the International Energy Agency's (IEA) latest monthly report, but there could be a large supply gap late next year if the Organization of Petroleum Exporting Countries (OPEC), year as oil demand will grow steadily thanks to a solid global economy.

Iran's OPEC governor, Hossein Kazempour Ardebili, fired back quickly at Trump's words.

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But OPEC said on Tuesday the outlook for the oil market in the second-half of this year was highly uncertain and warned of downside risks to demand.

However, OPEC's president, Suhail Al Mazrouei, said on Tuesday that the USA has not asked the group to increase oil production in the wake of political unrest in oil-rich Venezuela and US sanctions on Iran.

On the New York Mercantile Exchange, West Texas Intermediate futures were down 0.18% at $66.24 a barrel.

The oil supply deal is set to continue through the end of 2018, but plans for its continuation were unclear for next year. On April 20, Donald Trump took to Twitter to lambaste the cartel's push for higher prices.

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Saudi Arabia, the biggest producer, raised its production by 85,500 bpd to 9.987 million bpd, according to OPEC's secondary sources.

His tweet comes in advance of a meeting of the Organization of the Petroleum Exporting Countries and Russian Federation planned for June 22 in Vienna to discuss easing supply caps that have been in place since the beginning of 2017.

Trump sent out his tweet hours after returning to Washington from a summit with North Korean leader Kim Jong Un in Singapore and it was not immediately clear what prompted his comment.

Oil prices across the country have crept up toward $3 a gallon as the United States hits its peak summer travel season - still less than the $4 a gallon in 2008 during the 2007-2009 Great Recession, according to Reuters.

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