Crude oil prices and energy-related exchange traded funds jumped as US oil inventories slip to a three-and-a-half year low on rising exports.
Fears over supply shortages have boosted crude prices in recent weeks, and global benchmark Brent was trading above $79 a barrel on Thursday.
West Texas Intermediate (WTI) for October delivery price settled 1.8 percent higher with the support of high US crude oil exports information released by EIA.
The market's expectation was a draw of 2.7 million barrels in crude oil inventories.
But on Tuesday, Bloomberg cited unnamed Saudi sources as saying the kingdom was comfortable with oil above $80 per barrel, at least for the short term, helping push prices higher. He stressed that any decision on a new production agreement by OPEC's Joint Ministerial Monitoring Committee that meets on Sunday would be "void" and "invalid".
In the range-bound market, Trump's tweets may drive prices down slightly, said Tyche's Zahir, predicting that such tweets would probably continue with USA midterm elections approaching.
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U.S. sanctions affecting Iran's oil exports come into force on November 4 and many buyers have already scaled back Iranian purchases. On Wednesday, the price was down 3 cents at Dollars 79.00 by 1110 GMT.
With the caveat that it's quite possible to over-interpret Trump's tweets, today's action underscores the tricky oil politics facing the White House.
In the previous week ending September 7, EIA reported a draw of 5.3 million barrels in the USA crude oil inventories.
The WTI Crude Oil market rallied during the day, and even broke to a fresh, new high but then turned around to show that we still have a significant amount of resistance above. They also don't want oil prices to fall too much'.
Going forward, the EIA expects the Brent-WTI spread to continue to be the primary factor in the East Coast's domestic crude oil purchases. But it is unclear how easily other producers can compensate for any lost supply. However, the United State's numbers were less than Russia's 11.21 Million bpd for the same month.
"The OPEC Monopoly must remember that gas prices are up & they are doing little to help", he tweeted on July 5. Many buyers have already scaled back Iranian purchases, and it was unclear how easily other producers, such as Saudi Arabia, Iraq and Russian Federation, can compensate for lost supply.