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Trump renews attack on OPEC ahead of group's production meeting

Reuters  |  WASHINGTON 

(Reuters) - U.S. said on Wednesday were too high and blamed OPEC, renewing his attack even as prices fell on Wednesday amid expectation that the group may relax its output cuts later this month.

have risen by around 60 percent over the last year after the Organization of the Petroleum Exporting Countries and some non-producers, including Russia, started withholding output in 2017 to reduce excess supply.

Some countries have already increased production, and analysts have said the outlook for the for the rest of 2018 is uncertain as countries prepare to meet June 22-23 in to discuss output.

In the United States, rising gasoline prices have threatened to blunt other economic headwinds. Prices nationwide have edged up toward $3 a gallon as the U.S. hits its peak summer travel season, still less than the $4 a gallon in 2008 during the 2007-2009 Great Recession.

"are too high, is at it again. Not good!" Trump wrote in a post on on Wednesday after last raising the issue in April.

(Reporting by and Doina Chiacu; Editing by Frances Kerry)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, June 13 2018. 18:18 IST