2018.07.0508:41:00UTC+00Oil In Rally Mode As Trump Hammers OPEC

Crude oil futures rose Thursday morning as U.S. top man Donald Trump continued his twitter tirade against the OPEC oil cartel.

Trump is accusing OPEC of artificially inflating oil prices to the detriment of the average Joe in the U.S.

Trump: "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. This must be a two way street. REDUCE PRICING NOW!"

WTI light sweet oil was up 30 cents at $74.40 a barrel, near its recent 4-year highs.

The American Petroleum Institute reported Tuesday that U.S. crude supplies fell by 4.5 million barrels for the week ended June 29.

In economic news, The private sector generated 177,000 jobs in June, according to payroll processor ADP.

U.S. jobless claims climbed 3,000 to 231,000 at end of June, but remained near historically low levels.