The tightening USA market came ahead of sanctions that Washington plans to implement against Iran's petroleum exports from early November. Dated Brent could see the biggest overhaul since the North Sea crude became a benchmark more than 30 years ago as S&P Global Platts considers including oil from as far away as Central Asia, West Africa and USA shale fields in its price assessment.
Iranian oil minister Bijan Zanganeh described Mr Trump's tweet as "the biggest insult to Washington's allies in the Middle East".
OPEC and non-OPEC energy ministers gathered in Algiers for a meeting that ended with no formal recommendation for any additional supply boost.
Accompanied by seasonal strength in demand, especially in large emerging markets such as China, India and Brazil, they said it's left the global crude market as "tight as a drum" with price risks seemingly to the upside.
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Bank of America Merrill Lynch has lifted its average Brent price forecast for 2019 from US$75 per barrel to US$80, while it increased its WTI crude oil forecast by US$2 to US$71 per barrel in 2019.
Ahead of Sunday's meeting, Saudi Energy Minister Khalid al Falih maintained, while speaking to reporters, that the "markets are adequately supplied", insisting that OPEC does not control oil prices.
Opec and other producers had discussed raising output by 500,000 barrels a day, Reuters reported.
In contrast, OPEC said demand for oil in OECD countries would fall from the early 2020s, but would still be the number one source of energy through to 2040.
Falih said "Our Saudi sons and daughters have proven that they are capable of achieving the highest level of knowledge and efficiency, and their record in this field is full of achievements and excellence".
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Analysts said United States commercial crude oil inventories are at their lowest since early 2015 and although USA oil production is near a record high of 11 million barrels per day, subdued U.S. drilling activity points towards a slowdown in output.
Several months ago, OPEC+ (the name given to OPEC and its allies) agreed to increase output about 1.4 million barrels per day to cover the expected shortage.
In addition to USA sanctions cutting Iranian supply, the world is also dealing with a decline in Venezuelan oil production due to an economic crisis in the Latin American nation, according to Trafigura's Luckock.
Strong bullish sentiment is boosted by fears on impact from looming USA sanctions against Iran as well as OPEC's unwillingness to increase production and support oil markets which may face the shortage in oil supply, once Iran is out.
Oil benchmark Brent rose for a second day on Tuesday, remaining within range of a four-year high reached during the previous session.
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"The OPEC monopoly must get prices down now!"