Oil prices were mixed on Thursday, with Brent slipping and US crude gaining, as a stronger dollar weighed and a key supply-setting meeting of the Organization of the Petroleum Exporting Countries loomed.
US estimated gasoline demand hit a record high of 9.88 million barrels per day (MMBPD) for the week, the data revealed.
The country, which is suffering from crushing debt, hyperinflation, labor troubles and crumbling oil infrastructure, has been the leading contributor - albeit unwillingly - to OPEC's overcompliance with its committed cuts, which has tightened the market faster than many observers had anticipated when the deal began in January 2017.
Trump's tweet - similar to one he wrote in April, blaming OPEC for "artificially Very High" oil prices - came a week before a much-anticipated OPEC meeting in Vienna and may have been created to influence the discussion.
Trump Decides Against Harshest Measures on China Investments
The administration will still impose $34 billion in tariffs on Chinese goods effective July 6, and China has pledged to retaliate. Last month, the White House said that by the end of this week, it would announce tight new curbs on Chinese investment.
OPEC member-states increased crude oil production by 50,000 barrels per day to 31.69 mln barrels in May 2018, which brings their compliance with the crude production cap deal to 158%.
The IEA said it expects global oil demand to grow 1.4 million bpd this year, and in 2019, and will top 100 million bpd in the fourth quarter of 2018.
Barclays said in a note that it expected the group to increase production by 700,000 to 800,000 bpd.
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Who wins England-Belgium? And where does all the value lie? FIFA's Code of Conduct says that a team must always play to win. So is losing the best option? "Because of the next rounds and the opposing teams you are going to meet.
The country boosted production after the US lifted sanctions related to Iran's nuclear program in 2016, but analysts expect output to fall when the Trump administration's decision to withdraw from the deal takes full effect later this year.
Russian Federation boosted its crude production to the highest in 14 months in the first week of June as some companies breached their caps ahead of Vienna talks, a person with knowledge of the matter said Monday.
The IEA, which coordinates the energy policies of industrialised nations, said stocks in developed countries fell to their five-year average - a metric used by Opec to measure the success of the output cuts. Year-to-date at the end of May, crude oil prices are 30 per cent higher than in the same period last year, with ICE Brent averaging above $70/b for the first time since 2014.
Pradhan said the market fundamentals do not support such high prices. There are also nations in the broader 24-strong alliance that oppose increasing output as global markets are already "well supplied", he added.
Costa Rica disappointed after Brazil defeat
This led to Costa Rica being able to go on the counter-attack, but they too were unable to get past the Brazilian defence. In the next match against Costa Rica , he complained to the referee frequently about not getting calls in his favour.