Oil prices rose on Tuesday after Libya declared force majeure on some of its crude exports, while the loss of Canadian supplies helped lifted USA crude to 3-1/2-year highs. US crude futures were up 32 cents at $74.46, within sight of Tuesday's 3-1/2-year high above $75.
President Donald Trump has again lashed out at an global body - this time, it's the Organization of the Petroleum Exporting Countries (OPEC), which he accused Wednesday afternoon of driving up gas prices.
US West Texas Intermediate crude futures were down 16 cents, or 0.2 percent, at.98 per barrel.
Saudi Arabia's state-run oil giant cut its prices Thursday for first time since February after President Donald Trump lashed out at the OPEC cartel of oil producers over rising USA gas prices.More news: Tropical Depression 2 forms in Atlantic Ocean, but don't fret
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Production at Syncrude Canada's 360,000 barrels per day (bpd) oil sands facility near Fort McMurray, Alberta, was hit by a power outage last month and is likely to remain offline through July, helping drain US inventories. He added, "This must be a two way street".
Oil prices fell on Thursday after US President Donald Trump sent a tweet demanding that OPEC reduce prices for crude.
"OPEC has not defined oil prices for the past 30 years", Kazempour continued. Analysts and traders were predicting a draw of 1 million barrels.
The head of Iran's Revolutionary Guards said on Thursday their forces were ready to implement Iran's threat to block the Strait of Hormuz and that if Iran can not sell its oil under the US pressure, no other regional country will be allowed to.
Prices have risen as a result of Washington's plans to reimpose sanctions against Iran, OPEC's No. 3 producer, analysts said. "REDUCE PRICING NOW!" Trump wrote on Twitter.
Now that prices have rebounded from a low of $30 a barrel in January 2016 to approximately $75, OPEC and other exporters (led by Russia) have agreed to slowly increase exports by what will effectively be 700,000 barrels a day now, with another half million barrels later in the year as sanctions on Iran take effect.