Oil prices have risen about 60 percent since a year ago after the Organization of Petroleum Exporting Countries and other oil producers, including Russian Federation, began reducing output to cut excess supply, Reuters reported.
LONDON-Oil prices edged lower Wednesday, as traders appeared to discard fresh signs of robust demand and kept their eyes fixed on OPEC's gathering next week.
Earlier in the session, Brent and USA crude had retreated on concerns about rising production in the United States and expectations that OPEC and other producers could relax voluntary output cuts. U.S. light crude was 40 cents lower at $65.96.
In the United States, the American Petroleum Institute said on Tuesday crude oil inventories rose by 830,000 barrels in the week to June 8, to 433.7 million.
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. "Put the exports of crude on top of that, and it's just a really bullish report". Prices have risen around 60 per cent over the previous year.
Canada has every right to be insulted over United States tariffs
Trudeau , in Quebec City for bilateral meetings with non-G-7 leaders after the summit , did not comment as he arrived. Kudlow said Trump won't let people "take pot shots at him" and that Trudeau "should've known better".
But the Paris-based IEA, echoing statements from oil producers as well as analyst comment in recent weeks, said there may be a change to the so-called Vienna agreement.
Saudi Arabia, the biggest producer, raised its production by 85,500 bpd to 9.987 million bpd, according to OPEC's secondary sources.
But the International Energy Agency said it believes the prices are unlikely to rise as sharply as they have in the past few months, CNBC reported. American oil production has jumped by nearly a third in the last two years to a record 10.8 million barrels per day.
President TrumpDonald John TrumpWhat you need to know about Tuesday's elections Danny Tarkanian wins Nevada GOP congressional primary Laxalt, Sisolak to face off in Nevada governor's race MORE focused on high oil prices in a tweet on Wednesday, again laying blame on OPEC.
"Prices will be above $150 in less than two years", he tweeted on Wednesday.
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