US Crude Oil Price Rise Still Possible Once Consolidation Period Ends

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"It does not occur to the US president that it is Trump himself who is driving prices up through his Iran policy", Germany's Commerzbank wrote in a statement, Oil Price reported.

In response, Ardebili warned, "Your tweets have driven the prices up by at least $10 per barrel".

Beijing has said it may include a 25 percent tariff on US crude oil imports, although it has not specified a date on which it would include that duty.

"REDUCE PRICING NOW!", Trump tweeted on Wednesday, accusing Oped of "doing little to help" lower pump prices.

Tehran blames rising prices on U.S. sanctions imposed on Iran and Venezuela, founding members of the cartel.

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The lack of response in USA crude oil to a demand earlier this week by President Donald Trump that the Organization of the Petroleum Exporting Countries cut its prices has added to the evidence that a further move higher is possible once the current period of consolidation is over.

Brent for September settlement lost 20 cents, or 0.2 per cent, to US$78.04 a barrel on the London-based ICE Futures Europe exchange, after gaining 48 cents on Wednesday.

However, summer months in the United States usually lead to increased demand for oil, boosting the price of gasoline in a midterm election year.

"Things will get worse before they get better on trade. between the US and China", said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

"Countries around the world-including key American allies and partners-already find themselves in the crosshairs, since the USA measures penalize countries and companies that do business with Iran", wrote Suzanne Maloney, deputy director of foreign policy and senior fellow at the Center for Middle East Policy, Energy Security and Climate Initiative at the Brookings Institution.

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In a tweet on Saturday, Mr Trump said Saudi Arabia had agreed to increase oil output by up to two million barrels.

Canadian oil prices are poised to continue their slow, steady march upward next year as shipping bottlenecks ease and USA refiners look north to fill the gap created by decreasing output from Venezuela, according to Deloitte.

Recent price rises have also been spurred by a United States announcement that it plans to re-introduce sanctions against Iran from November, which will also target its oil industry.

Even so, renewed USA sanctions on Iran against its oil exports look set to tighten supply further. "We expect you to be more polite".

If that happens, "Chinese demand would then shift to other suppliers". The U.S. rig count, an early indicator of future output, was up by five in the week to July 6, according to General Electric Co's Baker Hughes energy services firm.

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An International Energy Agency scenario projects oil production falling by around 1.5 million bpd due to the loss of Iranian and Venezuelan oil.