High Gasoline Pump Prices May Magnify Presidential Disapproval

Oil futures traders work on the floor of the New York Mercantile Exchange in this file

"A key driver of the rise in prices has been the OPEC-Russia deal to cut oil output, compounded by collapsing Venezuelan production and the US decision to end the Iran deal", National Australia Bank (NAB) said in its July outlook.

Crude oil is dispensed into a bottle in this illustration photo June 1, 2017.

Before the EIA report, benchmark West Texas Intermediate (WTI) crude for August delivery traded down about 0.8%, at around $74.01 a barrel, and fell to around $73.25 (down about 1.8%) shortly after the report's release. Global benchmark Brent LCOc1 was down 39 cents at $77 a barrel.

For the past week, crude imports averaged 9.1 million barrels a day, up by 699,000 compared with the previous week.

August West Texas Intermediate crude, the US benchmark, on the New York Mercantile Exchange, fell 55 cents, or 0.8 percent to $72.39 a barrel. He persuaded nations to curtail purchases of Iranian oil to pressure Iran to agree to limits on its nuclear program. "Their companies - their companies will be subject to the same sanctions that everybody else's are if they engage in those sectors of the economy that are sanctionable, where there were sanctions imposed prior to 2015", the unnamed U.S. State Department Official told the media on June 26.

USA crude oil stockpiles unexpectedly rose last week, as imports grew and refineries cut output while gasoline inventories decreased almost double forecasts, the Energy Information Administration said on Thursday.

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President Donald Trump used Twitter on Wednesday (July 4) to express his frustration with high U.S.

Trump's scramble to slow down the oil rally comes four months ahead of United States midterms, where analysts say rising gasoline prices could hurt Republicans. The Saudis have increased oil production, following an OPEC meeting last month, but it hasn't been enough to overcome the effects of reduced supplies from other producers. "REDUCE PRICING NOW!" he added.

USA markets also garnered support from a government employment report showing better-than-expected growth in jobs. "This is a response to the USA sanctions that are squeezing them".

Brent, meanwhile, was "still having difficulty gaining independent bullish traction", said Jim Ritterbusch, president of Ritterbusch and Associates in a note. In the trade spat with the United States, China has threatened to slap tariffs on imports of USA crude oil and oil products.

If that happens, "Chinese demand would then shift to other suppliers". "A blockade of this transport route would thus have dramatic consequences for global oil supply and an impact on prices that is nearly impossible to put into figures". The U.S. rig count, an early indicator of future output, was up by five in the week to July 6, according to General Electric Co's Baker Hughes energy services firm. The facility produced 253,000 bpd on average previous year.

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