As oil prices touched a new high today,<a href="http://www.wionews.com/india-news/petrol-rises-to-55-month-high-diesel-costliest-ever-131582"> US President tweeted saying it was </a>"very high" and "will not be accepted", after the president's tweet, Brent and WTI crude prices turned "negative".

"Looks like OPEC is at it again," Trump said.

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Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/987284041304100864?ref_src=twsrc%5Etfw">April 20, 2018</a></blockquote>
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OPEC-linked countries have been curbing production since last year in order to push up prices. Both Brent crude oil futures and US West Texas Intermediate (WTI) were in trading in positive before Trump's tweet but fell after the president's remark.

"With record amounts of oil all over the place, including the fully loaded ships at sea, oil prices are artificially&nbspvery high! No good and will not be accepted," the president said in his tweet.

OPEC nations headed by Saudia Arabia will meet in June in Vienna to review the oil prices, ahead of the meeting Saudi oil minister Khalid al-Falih said OPEC and its allies were still far away from reaching their target, there are no indication yet that the group will increase production to&nbspbring prices down.

Reuters quoting Saudi sources said it would be happy to see crude rise to $80 or even $100 a barrel.

Joint Technical Committee (JTC) in a report said a global oil glut has been virtually eliminated.

"Global oil demand data so far in 2018 has come in line with our optimistic expectations, with Q1 2018 likely to post the strongest year-on-year growth since Q4 2010 at 2.55 million barrels per day," US bank Goldman Sachs said.

The rise in global oil prices has also been supported by fears of US reintroducing sanctions on Iran which is a key OPEC member. Despite Trump's tweet oil prices are set to close at a record high this week.

Despite Trump's tweet oil prices are set to close at a record high this week.

As oil prices touched a new high today, US President tweeted saying it was "very high" and "will not be accepted", after the president's tweet, Brent and WTI crude prices turned "negative". "Looks like OPEC is at it again," Trump said. Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted! — Donald J. Trump (@realDonaldTrump) April 20, 2018 × OPEC-linked countries have been curbing production since last year in order to push up prices. Both Brent crude oil futures and US West Texas Intermediate (WTI) were in trading in positive before Trump's tweet but fell after the president's remark. "With record amounts of oil all over the place, including the fully loaded ships at sea, oil prices are artificially&nbspvery high! No good and will not be accepted," the president said in his tweet. OPEC nations headed by Saudia Arabia will meet in June in Vienna to review the oil prices, ahead of the meeting Saudi oil minister Khalid al-Falih said OPEC and its allies were still far away from reaching their target, there are no indication yet that the group will increase production to&nbspbring prices down. Reuters quoting Saudi sources said it would be happy to see crude rise to $80 or even $100 a barrel. Joint Technical Committee (JTC) in a report said a global oil glut has been virtually eliminated. "Global oil demand data so far in 2018 has come in line with our optimistic expectations, with Q1 2018 likely to post the strongest year-on-year growth since Q4 2010 at 2.55 million barrels per day," US bank Goldman Sachs said. The rise in global oil prices has also been supported by fears of US reintroducing sanctions on Iran which is a key OPEC member. Despite Trump's tweet oil prices are set to close at a record high this week.

'Will not be accepted': After Trump's tweet on oil, prices dip

Oil prices edged off highs last reached in late 2014, pressured by a stronger dollar, but crude futures still drew support from mounting political tension in the Middle East and shrinking global oil inventories.

Brent crude futures were at $71.67 a barrel at 11:48 a.m. EDT (1548 GMT), down 39 cents. US&nbspWTI crude futures were down 13 cents at $66.68.

"The dollar index is the biggest factor in prices today," said Phillip Streible, an analyst at RJO Futures in Chicago. The U.S. dollar was up 0.3 percent against a basket of major currencies, making purchases in other currencies more expensive.

The Organization of the Petroleum Exporting Countries said the global oil stocks surplus was close to evaporating due to healthy demand and its own supply cuts.

The group is producing oil below its targets, meaning the world needs to use stocks to meet rising demand. OPEC said in its monthly report oil stocks in the developed world fell by 17.4 million barrels in February to 2.854 billion barrels, around 43 million barrels above the latest five-year average.

OPEC Secretary-General Mohammad Barkindo told Reuters in New Delhi the global oil glut has effectively shrunk by nine-tenths since the start of 2017.

"We have seen an accelerated shrinkage of stocks in storage from unparalleled highs of about 400 million barrels to about 43 million above the five-year average," Barkindo said.

OPEC, Russia and several other non-OPEC producers began trimming supply in January 2017. Their pact runs until the end of the year and OPEC meets in June to decide on its next course of action.

"There is growing confidence that the declaration of cooperation will be extended beyond 2018," Barkindo told Reuters. "Russia will continue to play a leading role."

On Wednesday, both Brent and WTI hit their highest since late 2014, $73.09 for Brent and $67.45 a barrel for US&nbspcrude, after Saudi Arabia said it intercepted missiles over Riyadh and U.S. President Donald Trump warned of military action in Syria.

The geopolitical developments more than offset pressure from a U.S. government report showing crude oil inventories rose by 3.3 million barrels, while domestic production hit a record 10.53 million barrels per day (bpd).

Brent crude futures were at $71.67 a barrel at 11:48 a.m. EDT (1548 GMT), down 39 cents. U.S. WTI crude futures were down 13 cents at $66.68.

Oil prices edged off highs last reached in late 2014, pressured by a stronger dollar, but crude futures still drew support from mounting political tension in the Middle East and shrinking global oil inventories. Brent crude futures were at $71.67 a barrel at 11:48 a.m. EDT (1548 GMT), down 39 cents. US&nbspWTI crude futures were down 13 cents at $66.68. "The dollar index is the biggest factor in prices today," said Phillip Streible, an analyst at RJO Futures in Chicago. The U.S. dollar was up 0.3 percent against a basket of major currencies, making purchases in other currencies more expensive. The Organization of the Petroleum Exporting Countries said the global oil stocks surplus was close to evaporating due to healthy demand and its own supply cuts. The group is producing oil below its targets, meaning the world needs to use stocks to meet rising demand. OPEC said in its monthly report oil stocks in the developed world fell by 17.4 million barrels in February to 2.854 billion barrels, around 43 million barrels above the latest five-year average. OPEC Secretary-General Mohammad Barkindo told Reuters in New Delhi the global oil glut has effectively shrunk by nine-tenths since the start of 2017. "We have seen an accelerated shrinkage of stocks in storage from unparalleled highs of about 400 million barrels to about 43 million above the five-year average," Barkindo said. OPEC, Russia and several other non-OPEC producers began trimming supply in January 2017. Their pact runs until the end of the year and OPEC meets in June to decide on its next course of action. "There is growing confidence that the declaration of cooperation will be extended beyond 2018," Barkindo told Reuters. "Russia will continue to play a leading role." On Wednesday, both Brent and WTI hit their highest since late 2014, $73.09 for Brent and $67.45 a barrel for US&nbspcrude, after Saudi Arabia said it intercepted missiles over Riyadh and U.S. President Donald Trump warned of military action in Syria. The geopolitical developments more than offset pressure from a U.S. government report showing crude oil inventories rose by 3.3 million barrels, while domestic production hit a record 10.53 million barrels per day (bpd).

Oil dips from 3-year highs but OPEC supply draw supports

Oil prices slipped on Monday as further increases in US drilling activity undercut an OPEC-led push to tighten supply.

Trading was subdued due to public holidays in China, the United States and Britain, but concerns lingered over whether OPEC action would be enough to stem the tide of oversupply.

Brent crude futures were trading down 15 cents at $51.98 per barrel at 11:15 GMT. The contract ended the previous week down nearly 3 per cent.

US West Texas Intermediate (WTI) crude futures were also down 17 cents at $49.63 per barrel.

The Organization of the Petroleum Exporting Countries and some non-OPEC producers pledged last week to extend production cuts of around 1.8 million barrels per day (bpd) until March 2018.

An initial agreement, in place since January, would have expired in June this year.

Commerzbank analyst Carsten Fritsch called Monday&#39;s price moves little more than &quot;intraday noise&quot; but said hints of deeper cuts or a longer extension from OPEC left the market deflated after the final decision.

&quot;They increased expectations to such an extent that nine months was a disappointment,&quot; Fritsch said.

High compliance with the cuts so far was unlikely to last, he said, adding to worries about whether the pledge would dent physical oil stockpiles that remain near record levels.

&quot;The pain for OPEC will increase to such a point that 100 per cent compliance is unrealistic,&quot; Fritsch said.

Despite ongoing cuts, oil prices have not risen much beyond $50 per barrel.

OPEC&#39;s success in drawing down inventories may hinge on output in the United States, which is not participating in the cuts. US production has soared 10 per cent since mid-2016 to more than 9.3 million bpd, close to top producer levels Russia and Saudi Arabia.

US drillers have added rigs for 19 straight weeks, bringing the total 722, the highest number since April 2015 and the longest run of additions on record, according to energy services firm Baker Hughes Inc.

Almost all of the recent US output increases have been onshore, from so-called shale oil fields.

Even if the rig count did not rise further, Goldman Sachs said it estimated US output would increase by 785,000 bpd between the fourth quarter of 2016 and the fourth quarter of 2017 across the Permian, Eagle Ford, Bakken and Niobrara shale plays.

Analysts say that reducing bloated global stocks will be key to reining in oversupply.

&quot;It&#39;s going to be all about inventories and whether they fall as much as OPEC thinks,&quot; said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

(Reuters)

The OPEC and some non-OPEC producers pledged last week to extend production cuts of around 1.8 million barrels per day (bpd) until March 2018

Oil prices slipped on Monday as further increases in US drilling activity undercut an OPEC-led push to tighten supply. Trading was subdued due to public holidays in China, the United States and Britain, but concerns lingered over whether OPEC action would be enough to stem the tide of oversupply. Brent crude futures were trading down 15 cents at $51.98 per barrel at 11:15 GMT. The contract ended the previous week down nearly 3 per cent. US West Texas Intermediate (WTI) crude futures were also down 17 cents at $49.63 per barrel. The Organization of the Petroleum Exporting Countries and some non-OPEC producers pledged last week to extend production cuts of around 1.8 million barrels per day (bpd) until March 2018. An initial agreement, in place since January, would have expired in June this year. Commerzbank analyst Carsten Fritsch called Monday's price moves little more than "intraday noise" but said hints of deeper cuts or a longer extension from OPEC left the market deflated after the final decision. "They increased expectations to such an extent that nine months was a disappointment," Fritsch said. High compliance with the cuts so far was unlikely to last, he said, adding to worries about whether the pledge would dent physical oil stockpiles that remain near record levels. "The pain for OPEC will increase to such a point that 100 per cent compliance is unrealistic," Fritsch said. Despite ongoing cuts, oil prices have not risen much beyond $50 per barrel. OPEC's success in drawing down inventories may hinge on output in the United States, which is not participating in the cuts. US production has soared 10 per cent since mid-2016 to more than 9.3 million bpd, close to top producer levels Russia and Saudi Arabia. US drillers have added rigs for 19 straight weeks, bringing the total 722, the highest number since April 2015 and the longest run of additions on record, according to energy services firm Baker Hughes Inc. Almost all of the recent US output increases have been onshore, from so-called shale oil fields. Even if the rig count did not rise further, Goldman Sachs said it estimated US output would increase by 785,000 bpd between the fourth quarter of 2016 and the fourth quarter of 2017 across the Permian, Eagle Ford, Bakken and Niobrara shale plays. Analysts say that reducing bloated global stocks will be key to reining in oversupply. "It's going to be all about inventories and whether they fall as much as OPEC thinks," said Greg McKenna, chief market strategist at futures brokerage AxiTrader. (Reuters)

Oil prices slip as US drilling undermines OPEC-led production cut

Asian shares snapped a five-day winning streak on Tuesday as investors took stock of a rally driven by hopes that central banks will provide more stimulus to offset a likely downturn triggered by Brexit. 
 
MSCI&#39;s broadest index of Asia-Pacific shares outside Japan fell 0.7 per cent, but was still within reach of its June 9 peak, having risen 5.6 per cent from its low after the Brexit vote on June 23. 
 
Japan&#39;s Nikkei dropped 0.9 per cent. 
 
Chinese shares rose, with the CSI 300 up 0.3 per cent, while the Shanghai Composite added 0.6 per cent, buoyed in part by a private business survey which showed growth in the services sector jumped to an 11-month high. But Hong Kong&#39;s Hang Seng retreated 0.8 percent. 
 
But trade was thin, with financial and commodities markets in the United States closed on Monday for Independence Day. 
 
In Europe, the FTSEurofirst 300 index fell 0.6 per cent, snapping its four-day winning streak, led by a 1.6 per cent decline in bank shares. 
 
Shares in Italian banks, saddled with a mountain of bad loans, dropped 3.7 per cent after Italian Prime Minister Matteo Renzi&#39;s spokesman said the country had no plans to pump public money into its banks, a move that could be seen as defying EU rules. 
 
Oil prices retreated as analysts predicted demand will weaken amid concerns about the global economic outlook. 
 
Brent crude slipped 0.7 per cent to $49.74 a barrel, after gaining 6.2 per cent over the week through Monday. 
 
US crude slipped 1.2 per cent to $48.41, eating into the 5.7 per cent advance made over the prior week. 
 
Overnight the price of precious and base metals hit multi-month highs before giving up gains as traders bet on more stimulus. 
 
Silver relinquished some of its gains from the past few sessions that had sent it to a two-year high of $21.107 an ounce on Monday. The metal, which rose 14.6 per cent over the week ended Monday, fell 1.8 per cent to $19.93. 
 
Gold also closed at a two-year high of $1,357.40 per ounce on Monday and last stood at $1,344.56. 
 
The price of copper and aluminium hit two-month highs on Monday while lead hit a four-month peak. 
 
&quot;Various commodities are rising even though there is no clear sign of sudden improvement in demand in each market,&quot; said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. 
 
&quot;Their rally seems to be driven by hopes of stimulus.&quot; 
 
Britain&#39;s vote to leave the European Union has ramped up the urgency for some Asian central banks to ease monetary policy, as a prolonged period of uncertainty threatens a wider downshift in trade and investment. 
 
Many investors expect the European Central Bank and the Bank of Japan to expand their monetary easing. Base metal prices were also bolstered by talk of stimulus in China. 
 
The euro slid 0.2 per cent to $1.11305, but retained most of the gains made since its 3 1/2-month low of $1.0912 hit in the wake of the UK referendum. 
 
The Bank of England has indicated it could provide stimulus measures to support the economy in coming months. 
 
That kept the pound close to its 31-year trough hit in the wake of the Brexit decision. 
 
Sterling dropped 0.3 per cent to $1.3253, just one per cent above its June 27 low of $1.3122. 
 
The yen strengthened 0.4 per cent to 102.16 to the dollar. 
 
The Australian dollar pulled back 0.3 per cent to $0.7515. On Monday, it shrugged off political uncertainty caused by Australia&#39;s undecided general election to rise to $0.7545, its highest level since June 24, helped by the advance in commodities. 
 
The Australian central bank is widely expected to keep interest rates unchanged at its policy announcement at 0430 GMT. 
 
(Reuters)

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.7 per cent, but was still within reach of its June 9 peak

Asian shares snapped a five-day winning streak on Tuesday as investors took stock of a rally driven by hopes that central banks will provide more stimulus to offset a likely downturn triggered by Brexit. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.7 per cent, but was still within reach of its June 9 peak, having risen 5.6 per cent from its low after the Brexit vote on June 23. Japan's Nikkei dropped 0.9 per cent. Chinese shares rose, with the CSI 300 up 0.3 per cent, while the Shanghai Composite added 0.6 per cent, buoyed in part by a private business survey which showed growth in the services sector jumped to an 11-month high. But Hong Kong's Hang Seng retreated 0.8 percent. But trade was thin, with financial and commodities markets in the United States closed on Monday for Independence Day. In Europe, the FTSEurofirst 300 index fell 0.6 per cent, snapping its four-day winning streak, led by a 1.6 per cent decline in bank shares. Shares in Italian banks, saddled with a mountain of bad loans, dropped 3.7 per cent after Italian Prime Minister Matteo Renzi's spokesman said the country had no plans to pump public money into its banks, a move that could be seen as defying EU rules. Oil prices retreated as analysts predicted demand will weaken amid concerns about the global economic outlook. Brent crude slipped 0.7 per cent to $49.74 a barrel, after gaining 6.2 per cent over the week through Monday. US crude slipped 1.2 per cent to $48.41, eating into the 5.7 per cent advance made over the prior week. Overnight the price of precious and base metals hit multi-month highs before giving up gains as traders bet on more stimulus. Silver relinquished some of its gains from the past few sessions that had sent it to a two-year high of $21.107 an ounce on Monday. The metal, which rose 14.6 per cent over the week ended Monday, fell 1.8 per cent to $19.93. Gold also closed at a two-year high of $1,357.40 per ounce on Monday and last stood at $1,344.56. The price of copper and aluminium hit two-month highs on Monday while lead hit a four-month peak. "Various commodities are rising even though there is no clear sign of sudden improvement in demand in each market," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. "Their rally seems to be driven by hopes of stimulus." Britain's vote to leave the European Union has ramped up the urgency for some Asian central banks to ease monetary policy, as a prolonged period of uncertainty threatens a wider downshift in trade and investment. Many investors expect the European Central Bank and the Bank of Japan to expand their monetary easing. Base metal prices were also bolstered by talk of stimulus in China. The euro slid 0.2 per cent to $1.11305, but retained most of the gains made since its 3 1/2-month low of $1.0912 hit in the wake of the UK referendum. The Bank of England has indicated it could provide stimulus measures to support the economy in coming months. That kept the pound close to its 31-year trough hit in the wake of the Brexit decision. Sterling dropped 0.3 per cent to $1.3253, just one per cent above its June 27 low of $1.3122. The yen strengthened 0.4 per cent to 102.16 to the dollar. The Australian dollar pulled back 0.3 per cent to $0.7515. On Monday, it shrugged off political uncertainty caused by Australia's undecided general election to rise to $0.7545, its highest level since June 24, helped by the advance in commodities. The Australian central bank is widely expected to keep interest rates unchanged at its policy announcement at 0430 GMT. (Reuters)

Asian shares slide as investors ponder stimulus outlook

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'Will not be accepted': After Trump's tweet on oil, prices dip

Oil dips from 3-year highs but OPEC supply draw supports

Oil prices slip as US drilling undermines OPEC-led production cut

Asian shares slide as investors ponder stimulus outlook