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

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 very 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 bring 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.