Trump renews attack on OPEC ahead of group's production meeting

President TrumpDonald John TrumpWhat you need to know about Tuesday's elections Danny Tarkanian wins Nevada GOP congressional primary Laxalt, Sisolak to face off in Nevada governor's race MORE focused on high oil prices in a tweet on Wednesday, again laying blame on OPEC.

Brent crude, the global oil benchmark, was down 0.36% at $75.61 a barrel on London's Intercontinental Exchange.

Rising oil output by the world's third biggest producer, the United States, is also affecting prices. USA light crude was 20 cents lower at $66.16.

The Organization of the Petroleum Exporting Countries and some non-OPEC producers, including Russian Federation, started withholding output in 2017 to reduce a global supply overhang and prices have risen by around 60 percent over the a year ago.

Futures in NY dropped as much as 1.3 percent after Russian Federation, which has already started increasing output, was said to suggest that OPEC and its allies be allowed to return production to October 2016 levels within three months, although not all nations would be able to do so. On Tuesday, OPEC emphasized the deep uncertainty over the strength of demand later this year.

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

OPEC, a group of 14 oil-producing nations, is expected to meet again later this month.

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"While some members appear to be against the idea, we believe that we will see a gradual lifting of cuts", said Warren Patterson, a commodities strategist at ING Bank NV in Amsterdam.

Oil prices are set, for the most part, by Saudi Arabia and, to a lesser extent, it's OPEC partners.

Last week, the American Petroleum Institute (API) reported a build of 2.028 million barrels of crude oil.

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

"With rising production from United States 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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