President Trump pressures OPEC to take action, oil prices ease

collected by :Frank Ithan

President Trump pressures OPEC to take action, oil prices easeNathan Bomey | USA TODAYUSA TODAYPresident Donald Trump reiterated his call for the cartel that exerts significant influence over oil prices to take action to halt crude's upward climb. OPEC's production limits, which were implemented and extended multiple times to help bolster prices, have contributed to oil's rise. "The OPEC Monopoly must remember that gas prices are up & they are doing little to help," Trump said Wednesday on Twitter. While OPEC's effect on oil prices remains notable, the commodity is also rising for other reasons. "To us, it is clear that harsh application of Iranian sanctions will very likely spiral oil prices higher."

Trump news: USA sanctions will end Iran regime - as oil prices to SOAR

The US President also issued a stark warning to China and India, saying they must stop buying oil from Iran or face sanctions themselves. Mr Giuliani, the former New York mayor, was speaking at the Free Iran: The Alternative rally in Paris this weekend, to crowds of thousands of Iranian resistance supported. "This president does not intend to turn his back on freedom fighters." However, the sanctions could cause oil prices to soar, according to experts. The Free Iran rally, attended by 80,000 dissidents, in Paris this weekend comes after anti-regime protests in 142 cities across Iran reached startling levels last week. VICKIIE OLIPHANT IN PARIS Free Iran rally: NCRI president Maryam Rajavi said change was coming

U.S. oil prices end at lowest in a week on surprise climb in domestic crude supplies

as informed in President Donald Trump's recent demand that the Organization of the Petroleum Exporting Countries move to counteract a rally that has prices near 3 ½-year high also contributed to pressure on oil prices. It was trading at just over $74 before the supply data and saw its lowest finish since June 27, according to FactSet data. Declines for oil prices intensified just ahead of the price settlements, after a report from The Wall Street Journal raised doubts over the initial public offering of Saudi Arabia's state oil company, known as Aramco. Gasoline stockpiles declined by 1.5 million barrels for the week, while distillate stockpiles were up by 100,000 barrels for the week, according to the EIA. The S&P Global Platts survey forecast supply decreases of 2.5 million barrels for gasoline, and 250,000 barrels for distillate stocks.

OIL PRICE CHAOS: South Korea SUSPENDS Iran oil - oil prices soar

For the first time in six years, South Korea have rejected all shipments of Iranian crude and condensate - with the ban to continue until at least September. One source familiar with Iranian shipping arrangements told Reuters: "There was pressure from the South Korean government to halt purchases. "South Korea overall is lifting zero oil for July loading."AdvertisementTwo other sources said South Korea cancelled July loadings of crude and condensate cargoes from Iran as it was uncertain whether the country would receive an exemption from U.S. sanctions on Iran trade. The cancellations mean South Korea will import no Iranian oil in August, the first month of zero imports since August 2012 when South Korean buyers put Iranian oil purchases on hold before getting a waiver to import limited amounts of Iran crude. In late June, it demanded its allies halt all imports of Iranian oil from November and said exemptions were unlikely.