25-09-2018 05:30 PM

Oil prices fell on Wednesday after U.S. President Donald Trump’s remark at the U.N. General Assembly in New York City that OPEC is “ripping off the rest of the world” by enabling oil prices higher.

He further added a statement that "We defend many of these nations for nothing, and then they take advantage of us by giving us high oil prices. Not good."

His remarks came just a week after OPEC and other chief oil producers denied his latest call and said they would only push prices down if customers appeal it.

A report by the American Petroleum Institute (API) also weighed on sentiment as it revealed U.S. crude stocks without warningscaled up last week.

Crude inventories climbed by 2.9 million barrels in the week to Sept. 21 to 400 million, the API revealed, compared with the outlook for a decrease of 1.3 million barrels.

India is reducing imports of Iranian oil to zero in November. Chief local oil companies, as well as Indian Oil Corp. and Bharat Petroleum Corp. haven’t asked for any Iranian cargoes for stacking in November and are not setting up any purchases