05-07-2018 03:30 PM

Oil prices dropped on Thursday morning followed by U.S. President Donald Trump tweeted challenging that OPEC cut prices for crude.

Crude oil prices were trading at $74.06 at the time of preparing the report.

The swelling trade row involving Washington and Beijing, which prompted an additional sell-off in Asian stocks on Thursday, was also experienced in oil markets, with China forewarning it could initiate obligation on U.S. crude imports.

U.S. President Trump on Wednesday blamed the Organization of Petroleum Experting Countries (OPEC) of lashing up fuel prices.

According to Trump in a personal twitter account - "The OPEC Monopoly must remember that gas prices are up & they are doing little to help," "If anything, they are driving prices higher as the United States defends many of their members for very little $'s." He also added – This must be a two way street in block letters mentioning - "REDUCE PRICING NOW!"

OPEC jointly with a group of non-OPEC producers along with Russia is in full swing to keep back production in 2017 to prop up prices.