OPEC supply cuts since 2017 have tightened markets

Oil prices fell on Thursday after U.S. President Donald Trump sent a strident tweet demanding that OPEC cut prices for crude.

The escalating trade row between Washington and Beijing, which triggered another sell-off in Asian stocks on Thursday, was also felt in oil markets, with China warning it could introduce duties on U.S. crude imports at an as yet unspecified date.

Brent crude futures were at $77.68 per barrel at 0532 GMT, down 56 cents, or 0.7%, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were down 45 cents, or 0.6%, at $73.69 per barrel.

Mr. Trump on Wednesday accused the Organization of Petroleum Exporting Countries (OPEC) of driving up fuel prices. “The OPEC monopoly must remember that gas prices are up and they are doing little to help,” Mr. Trump wrote on his personal Twitter account.

Driving up prices

“If anything, they are driving prices higher as the United States defends many of their members for very little $’s.” This must be a two-way street,” he wrote.

OPEC together with a group of non-OPEC producers led by Russia started to withhold output in 2017 to prop up prices.