Iran tells Trump: stop tweeting, it's driving up oil prices

Iran's OPEC governor Hossein Kazempour Ardebili

Oil prices edged up on Wednesday, lifted by a report of declining US fuel inventories amid the ongoing crude supply outage at Syncrude Canada in Alberta, which usually supplies the United States.

Resistances: $ 74.76 (July 4 tops), $ 75 (round number), $ 75.27 (multi-year highs).

Trump's plan is to get the Gulf countries to commit to increase output by over two million barrels per day to offset falling supplies elsewhere.

Those levels are lower than the record-high in April and the still-high exports in May-the month in which U.S. President Donald Trump withdrew from the nuclear deal and announced fresh sanctions on Iran.

Iran's OPEC Governor Hossein Kazempour Ardebili told the state-run Shana news agency Trump's policy on Iranian oil is "a kind of self-harm". If anything, they are driving prices higher as the United States defends many of their members for very little $'s.

Trump's tweet triggered reaction from Iran, a founding member of OPEC, whose oil exports have been targeted by USA sanctions.

The president's call to "reduce pricing" was an apparent reference for oil producers to churn out more supply in order to contain spiking oil prices.

Twitch Giving Away Free Games to Celebrate Prime Day
This affordable backpack - now offered at 20% off - comes in seven stylish colors so that you can pick a pack to suit your style. Whether you're looking for a new Kindle or a new Fire TV Cube, Amazon devices could be some of the best deals of the sale.

Foreign ministers from the five remaining signatories of a nuclear deal between Tehran and world powers will meet Iranian officials in Vienna to discuss how to keep the accord alive after the USA withdrawal from the pact. Brent crude futures were at $77.78 per barrel at 0137 GMT, down 46 cents, or 0.6 percent, from their last close. This must be a two way street.

Trump, who is mindful of what impact rising gas prices at station pumps will have on American voters heading into the crunch November midterms, responded on Twitter: "Hope OPEC will increase output substantially".

Oil surged in the past two weeks as the US pushes allies to end imports of Iranian crude, disruptions persist in places like Libya and American crude inventories shrink.

Outside North America, looming US sanctions against major oil exporter Iran were the focus of attention.

Iran has threatened to block oil exports through a key Gulf waterway in retaliation against any hostile US action. Inventories at Cushing, Oklahoma, fell 2 million barrels last week, according to a separate forecast compiled by Bloomberg.

A blockade of the strait, through which roughly 30 percent of all seaborne oil travels, would have "dramatic consequences for global oil supply and an impact on prices that is nearly impossible to put into figures", Commerzbank said in a note.

Related news:

Hot News

isis-killer-beheading-video-story-top Serena Williams hates being away from daughter
Jul 06, 2018 - 03:27
Romanian 29th seed Mihaela Buzarnescu thrashed British teenager Katie Swan , 6-0, 6-3 to extend her remarkable renaissance. Venus reached her ninth Wimbledon final past year , but the American star was denied a sixth title by Garbine Muguruza.

isis-killer-beheading-video-story-top Alexis Sanchez reveals why he wants Belgium to win World Cup
Jul 04, 2018 - 08:45
With Cristiano Ronaldo and Lionel Messi both eliminated from the World Cup on Saturday, this tournament now has a superstar void. It was the World Cup, and we were faced with the depth and the strength of Belgium. "We don't talk about that to our players".

isis-killer-beheading-video-story-top New Details Emerge From Paul George’s Contract With The Thunder
Jul 04, 2018 - 08:05
Then there's Carmelo Anthony , who chose to make $27.9 million in the final season of his contract rather than test free agency. According to a report from ESPN's Royce Young , George is flying into Oklahoma City on Saturday afternoon.

isis-killer-beheading-video-story-top Ronaldo's girlfriend bullied by trolls as Portugal exit World Cup
Jul 04, 2018 - 07:40
France go into the match after a relatively comfortable group stage and after resting players in their last group match. Earlier, Portugal coach Fernando Santos said he hoped Ronaldo would remain part of the worldwide set-up.

isis-killer-beheading-video-story-top FCC confirms Galaxy Note 9 S Pen will have Bluetooth
Jul 04, 2018 - 07:29
The device will be available in Black and Blue colors across Flipkart , Samsung retail shops, and online outlets. An f/1.9 aperture 13-megapixel accompanied by an LED flash is present on the rear side of the Galaxy On6 .

isis-killer-beheading-video-story-top Brazil vs. Mexico - Football Match Report
Jul 03, 2018 - 02:34
The talented Brazilians were by far the stronger team in the match, but Mexico had chances to make it more of a game. The goal made Brazil the World Cup all-time scoring leader with 227 goals, surpassing Germany with 226.

isis-killer-beheading-video-story-top With LeBron, Lakers suddenly a betting favorite
Jul 03, 2018 - 02:26
In 2014 however, he finally returned to his roots and rejoined the Cavaliers where he has been for the past four years. James and the Cavaliers have been beaten in three out of four NBA Finals against the Warriors since 2015.

isis-killer-beheading-video-story-top Brazil knockout Mexico to reach World Cup quarter-final
Jul 03, 2018 - 02:23
Neymar broke the deadlock in the second half when he tapped in after a slick one-two with Willian carved the Mexico defence open. After their slow start it was ultimately no more than the Selecao deserved, as their bid for a sixth world title marches on.

isis-killer-beheading-video-story-top Gareth Southgate urges England players to 'write their own stories'
Jul 03, 2018 - 02:18
He said: "The thing I want more than anything else is the players to continue to attack the tournament as we have". Southgate describes himself as the man who shattered a nation's dream.

isis-killer-beheading-video-story-top Todd The Dog Saved His Owner From Being Bitten By A Rattlesnake
Jul 03, 2018 - 02:17
She said her fearless dog is doing "so well", and she is amazed by how quickly he is recovering from the potentially-deadly bite. Just as Goodwin was about to unknowingly step on the snake, Todd spotted it and jumped in front of his owner's leg.

isis-killer-beheading-video-story-top European Union hits instant problems over African migrant centre plan
Jul 01, 2018 - 16:51
The EU statement gave no detail on what form the centres would take, where they would go, or potentially how much they would cost. Migration has become a point of contention for Chancellor Angela Merkel in Germany.

isis-killer-beheading-video-story-top Canada announces billions in retaliatory tariffs against US
Jul 01, 2018 - 16:46
Trump and Trudeau have clashed recently, with the president warning Canada will pay for it. Prime Minister Justin Trudeau has called the tariffs "absurd" and "unacceptable".

isis-killer-beheading-video-story-top Kevin Durant could take less money to help the Warriors...again
Jul 01, 2018 - 16:11
Durant's salary for the upcoming season is $5.3 million less than he would have received had he agreed to a four-year contract. The person spoke to The Associated Press on condition of anonymity Saturday because the deal can not be signed until Friday.

isis-killer-beheading-video-story-top Delhi: 11 family members found dead, some blindfolded, some gagged
Jul 01, 2018 - 15:45
Indian TV channels broadcast interviews with neighbors who said the family did not have any discord among themselves. There was no sign of forced entry into the house either, police said. 'We can't rule out anything, ' he said.

isis-killer-beheading-video-story-top Uruguay vs. Portugal - Football Match Report
Jul 01, 2018 - 15:28
With four goals from his first three games, the Real Madrid star has been living up to his pre-tournament hype. And although Uruguay finally conceded a goal, it was the first this year in the team's seventh match.