Oil slips as Saudi raises output towards record

Donald Trump and Saudi Arabia's King Salman bin Abdulaziz al Saud at a signing ceremony at the Saudi Royal Court in Riyadh

"And I love the king, King Salman, but I said, 'King we're protecting you".

Trump criticized oil producers in his speech before the U.N. General Assembly last week. "You have to pay for your military", Trump told a campaign rally in Southaven.

There was no immediate reaction Wednesday in Saudi Arabia to Mr. Trump's remarks.

Saudi Arabia is the world's top oil exporter and the de facto leader of OPEC.

However, Mr. Trump's comments on Saudi Arabia implied the kingdom's Al Saud monarchy, which oversees the holiest sites in Islam, would collapse without American military support. Would you say they are rich?

Saudi Arabia was the United States leader's first stop during his first global tour as president past year.

USA weekly Midwest refinery utilization rates dropped to 78.9 percent, their lowest since October 2015, according to the data.

Brent crude oil futures LCOc1 were trading at $85.85 per barrel at 0104 GMT, down 44 cents, or 0.5 percent, from their last close.

It remains to be seen if Trump can convince the Saudis to take a more aggressive line, although it should be noted that Saudi Arabia's decision to increase production by 300,000 bpd from August levels is not trivial. That is up sharply from the 10.4 mb/d it produced in August, and the increase offers some evidence to back up the story that Saudi Arabia and Russian Federation agreed to boost output weeks ago, and may have told American officials about it. Al-Falih also said that production would be "slightly higher" in November compared to October levels.

While the kingdom's ties with the US have improved under Trump, Tuesday's remarks were unusually harsh and appeared to question the stability of a monarchy in power since the 1930s. "But we don't get what we should be getting", he said at a rally in West Virginia. South Korea and Japan also have the USA to thank for stability in the Asian region, according to Trump, who previously demanded increased payments from USA allies to keep American bases in their countries. It was around $50 (€43) a year ago. "We defend many of these nations for nothing, and then they take advantage of us by giving us high oil prices". They partially relaxed the cut in June, under pressure from U.S. President Donald Trump to cool prices. "Not good. We want them to stop raising prices, we want them to start lowering prices", Trump said.

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