On Wednesday, the United States president again accused the OPEC of driving fuel prices higher and urged USA allies such as Saudi Arabia to pump more.
"This must be a two way street", he wrote, adding in block capitals, "REDUCE PRICING NOW!"
In addition to reducing the price of its August barrels, Saudi Arabia also told the Organization of the Petroleum Exporting Countries (OPEC) that it increased production by nearly 500,000 barrels per day last month.
Oil was mixed on Friday, with short-covering pushing up US crude futures while Brent slipped on global trade tensions and increased Saudi production.
OPEC and its allies agreed earlier this month to a modest increase in output to dampen the oil price rally, which hit a 3-1/2 year high.
"Under these circumstances it is justified to argue for higher prices when production increases are announced", he said. "Seems like this is sort of related to Trump tweets", said Stewart Glickman, energy equity analyst at CFRA Research in NY. -Chinese trade war and increased production by Saudi Arabia and Russian Federation outweighed concerns over supply disruptions from Venezuela to Libya to looming sanctions on Iran.
Oil prices dipped on Friday in a nervous market ahead of a raft of import tariffs expected to be imposed later in the day by the world's two biggest economies, the United States and China.
Brent for September settlement lost 20 cents, or 0.2 percent, to $78.04 a barrel on the London-based ICE Futures Europe exchange, after gaining 48 cents on Wednesday. Global benchmark Brent LCOc1 was down 39 cents at $77 a barrel.
Looming larger over markets is the U.S./China trade dispute.
Even so, renewed US sanctions on Iran against its oil exports look set to tighten supply further. Since when did you start ordering OPEC!
Refineries purchase oil on the futures market for production, and what they pay influences what gasoline distributors pay and what retail gas stations charge consumers.
However, the Chinese government has not yet specified a date on which it may introduce duties on imports of US crude. Iran insists that production limits OPEC set in late 2016 still apply, and that any countries who increase beyond these levels are undermining the unity of the organization. That means there's a shrinking buffer to protect against the shocks like the eventual loss of Iranian oil or a hurricane in the U.S. Gulf of Mexico.
Analysis from Swiss investment bank UBS said spare capacity, the amount of extra oil a producer could put on the market in short order, was approachinga 10-year low. Last month, in an interview with Reuters, he said that "you (Trump) can not place sanctions on two OPEC founder members and still blame OPEC for oil price volatility".
Tehran dismissed it is an orchestrated "false flag ploy", created to discredit Iran and overshadow Rouhani's trip to Europe. Iranians have complained that the hoped-for rise in foreign investment and trade after the deal has not materialised.
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But those moves may be tempered by an equal desire by the U.S. and other country for stable oil prices. Energy Information Administration, against analysts' expectations of a 3.5 million-barrel decline.
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