Oil prices slipped from their highest levels since 2014 yesterday after President Trump argued that they were “artificially very high” and “will not be accepted”.

Mr Trump also criticised Opec, tweeting that the 14-nation cartel, which pumps about one third of the world’s crude, was “at it again”. The attack via Twitter came hours after members had insisted that the global economy had the “capacity to absorb higher prices”.

Brent crude, which fell below $40 a barrel in 2015, hit $74.75 this week amid growing confidence that the global glut had eased. Last night in New York, it was trading 0.1 per cent higher at $73.88.