Trump to OPEC: Pay for your own military protection

Donald Trump Accuses OPEC Of'Rip-Off, Calls For Lower Prices

Crude oil is off of recent highs with WTI crude barrels back into the 72.00 level after peaking at 72.72, driven higher by incoming U.S. sanctions on Iran and concerns about immediate supply being able to cover the loss of Iranian production in global markets.

U.S. West Texas Intermediate (WTI) crude futures lost 43 cents to $71.85 a barrel. The US president is against high oil prices, since they result in higher gasoline prices in America.

"OPEC - and OPEC nations - are, as usual, ripping off the rest of the world". This hike might take place for the first time since the year 2014 as the market braces for the loss of Iranian supplies because of the US penalty. He also accused Iran of sowing chaos and pledged to imposed further sanctions.

"Mr Trump both tries to decrease Iran's oil exports significantly and also wants prices not to go up". Earlier, oil prices had surged on worries about global supply after U.S. sanctions on Iran's oil exports take effect Nov 4.

"Trader focus remains on the Brent contract trading at four-year highs", said Michael McCarthy, chief market strategist at CMC Markets in Sydney.

Crude oil prices touched new four-year highs yesterday as Brent crude - the global benchmark for crude oil - touched $82.20 a barrel.

U.S. crude inventories rose 1.9 million barrels in the week to September 21, according to U.S. Energy Information Administration (EIA) data.

Global benchmark Brent is on course for its fifth consecutive quarterly increase, the longest stretch since early 2007, when a six-quarter run led to a record high of US$147.50 a barrel.

Trump, who spoke at the United Nations General Assembly in NY yesterday, lashed out at OPEC and its allies for keeping oil price high, saying that high oil prices negatively affect the economies of the world.

Meanwhile, in the United States, the world's biggest oil user, an industry report on Tuesday showed crude stockpiles unexpectedly climbed last week.

Official figures on stockpiles and refinery runs from the US Department of Energy's Energy Information Administration are due at 10:30 a.m. EDT (1430 GMT) on Wednesday.

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