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The U.S President Donald Trump has posted a harsh tweet and demanded OPEC cut prices for crude, so the oil prices declined. The growing trade row between U.S and China has generated another sell-off in Asian stocks. The reaction was also experienced by the oil markets and China has warned to introduce duties on U.S crude imports. The Brent crude futures were at 77.70 U.S dollars per barrel at 0653 GMT. This price was 0.7% or 54 cents down from its last closing. The WTI (West Texas Intermediate) crude futures were 0.5% or 37 cents down at 73.77 U.S dollars per barrel. Point to be noted that the U.S President Trump blamed OPEC (Organization of Petroleum Exporting Countries) for moving up fuel prices. He wrote in his Twitter account that the monopoly of OPEC must remember that gas prices have been increasing and they are doing little to help.

He further added in his Tweet that they are moving prices higher and the United States is defending most of its members for a very little amount of dollars. It must be a 2-way street. He also clearly wrote in his Tweet, “REDUCE PRICING NOW”! It is important that OPEC and a group of non-OPEC members headed by Russia began to conceal output in 2017 to hold up prices. The recent increases in the price have also been prompted by the announcement of the United States. The U.S has been planning to re-impose sanctions and targeting oil exports from November 2018 against Iran. The NAB (National Australia Bank) said in its July outlook that OPEC-Russia deal to cut oil output has been considered a major element in the rise of oil prices. Point to be noted that OPEC and Russia announced in June about their willingness to increase output to meet the issues of the supply shortage.