Crude dips as Trump slams high oil prices

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US President Donald Trump has criticized OPEC for production restrictions that have contributed to raising global oil prices and saying "artificially" high prices would not be accepted by claiming oil-producing countries as prices dipped according to his remarks.

"It seems that OPEC is on it again. With records of oil everywhere, including the fully loaded ships at sea. Oil prices are artificial Very high! Not good and will not be accepted!" Trump wrote on Twitter at Friday.

Several members of OPEC, the Organization for Petroleum Exporting Countries, said in response that oil prices were not artificially inflated. The group is slated to meet in June to decide its next step after reducing production since January 2017 in one step with the purpose of supporting prices that had fallen sharply.

Trump provided no information about what action his administration could take with regard to oil or OPEC, and representatives of the White House did not respond immediately to a request for comments.

Oil prices fell after Trump's remarks, but were still set at a weekly gain.

OPEC Secretary General Mohammed Barkindo said the pact between OPEC and non-OPEC countries to cut production had stopped the collapse of global oil prices and said the group was a friend of the United States with an interest in its prosperity.

Cuts "not only arrested the decline but saved the oil industry from imminent collapse and is now on its way to restore stability on a sustainable basis in the interests of producers, consumers and the world economy," said Barkindo.

Energy ministers from the United Arab Emirates and Iraq, two OPEC members also rejected the notion that prices were too high.

The US can not legally affect oil than releasing oil from its strategic reserves, as it has done occasionally, no later than last year in the wake of Tropical Storm Harvey.

In addition to OPEC's supply management, raw prices have also been supported by the expectation that the United States will reintroduce sanctions against OPEC member Iran.

"The first central geopolitical problem has expired by the current US exception from key sanctions against Iran," said Standard Chartered Bank in a note this week.

Top oil exporter Saudi Arabia would happily see rough rise to $ US80 or even $ US100 per. barrel. Three industrial sources have told Reuters, a sign Riyadh will not seek any changes in OPEC supply, even if the initial target of the agreement is in sight.

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