According to the U.S. Energy Information Administration, U.S. crude oil supplies fell for a fifth straight week to a 3.5 year low in the week-ending September 14, while gasoline inventories also drew down sharply last week on unseasonally strong demand.
Data from the InterContinental Exchange showed open interest in calls that give the owner the right to buy Brent futures at $80 and $85 by next week grew by almost 45 per cent on Monday and Tuesday to an equivalent of 54 million barrels of oil.
So, as the coalition prepares to meet again on Sunday in Algiers, ministers and delegates will be sure to keep an eye on Twitter as they discuss how to implement their agreed 1 million b/d production rise and whether to make permanent their market management deal beyond its expiry at year-end.
U.S. Energy Secretary Rick Perry had separate meetings with Saudi Arabian and Russian officials this month.
The rebound gained steam earlier this year after production problems in countries like Venezuela and Libya caused the group to cut more deeply than they intended.
OPEC and its allies are unlikely to agree to an official increase in crude output when they meet in Algeria this weekend, although pressure is mounting on top producers to prevent a spike in oil prices above $80 a barrel ahead of new US sanctions on Iran, OPEC sources told Reuters on Thursday.
Brent declined Thursday morning, trading at $78.59, down 33 cents or 0.42 percent. In the last two weeks, he has also met Novak and his US counterpart Rick Perry.
He has consistently complained that oil prices are too high. Millions of Trump voters live in major oil-producing states such as Texas, Oklahoma and North Dakota.
"The OPEC Monopoly must remember that gas prices are up & they are doing little to help".
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.
Falih also met last week with US Energy Secretary Rick Perry, who praised the efforts of Saudi Arabia and Russian Federation to keep the market well-supplied. Perry credits the two countries with averting a "spike in oil price".
Opec and other producers, including Russian Federation, meet on Sunday in Algeria to discuss how to allocate supply increases to offset the loss of Iranian barrels.