Oil prices drop as supplies increase

Oil prices drop as supplies increase

In the letter, the senators said a run-up in oil prices is "effectively a tax on every American family's discretionary budget" since the price of oil directly affects the price of gasoline.

Brent futures for August settlement declined as much as 62 cents to $75.26 on the London-based ICE Futures Europe exchange, after sliding 0.8 percent on Tuesday.

The Organization of the Petroleum Exporting Countries and some non-OPEC producers, led by Russian Federation, agreed to cut output in 2017 to reduce a supply overhang, which has led to a 60 percent spike in oil prices over the past year. USA light crude was 40 cents lower at $65.96.

His tweet comes in advance of a meeting of the Organization of the Petroleum Exporting Countries and Russian Federation planned for June 22 in Vienna to discuss easing supply caps that have been in place since the beginning of 2017.

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.

But the outlook for the oil market in the second half of this year is uncertain, analysts say, and OPEC argues there are downside risks to global demand.

"Saudi Arabia and Russian Federation have already started to lift production", he said.

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He also won a pair of titles in the G League with two different teams and was coach of the year there, too. Casey was sacked after the Raptors were swept out of the second round of this year's playoffs by Cleveland.

Dutch bank ING, however, said some OPEC members would "struggle to push production back to October 2016 levels".

OPEC is a group of 14 nations that seeks to coordinate oil production and greatly influence oil prices.

Trump tweeted on Wednesday: "Oil prices are too high, OPEC is at it again". That move took USA crude from about $50 a barrel in late 2016 to more than $70 in 2018.

With output in Russian Federation rising back above 11 million bpd in June and Saudi production climbing back above 10 million bpd, supplies from the top three producers are increasing.

"With rising production from USA shale adding to oil's woes and reviving oversupply concerns, further downside could be a possibility in the short to medium term", Otunuga said.

The U.S. Energy Information Administration report on crude oil inventories is due to be released on Wednesday at 10:30am EDT.

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