However, Mr. Trump's comments on Saudi Arabia implied the kingdom's Al Saud monarchy, which oversees the holiest sites in Islam, would collapse without American military support. Mr. Trump and King Salman last shared a reported telephone call on Saturday, in which they discussed "efforts to maintain supplies to ensure the stability of the oil market and ensure the growth of the global economy", according to the state-run Saudi Press Agency.
Brent crude rose almost 2 percent after hitting a four-year high on Wednesday as the market focused on upcoming USA sanctions on Iran while shrugging off the year's largest weekly build in US crude stockpiles and reports of higher Saudi Arabian and Russian production.
The Saudi Arabian monarchy would fall "within two weeks" if it wasn't for the military support that the USA has provided to the Gulf kingdom over the decades, Donald Trump noted in graceless remarks to the King. Trump told a campaign rally in the USA state of MS on Tuesday night.
"We protect Saudi Arabia - would you say they're rich?" Commodity trading company Trafigura forecast Brent crude oil could hit $100 by the end of the year, and Bank of America isn't far behind with a $95 price forecast, although for the second quarter of 2019. This is predicted to show that weekly crude inventories rose by 1,985,000 barrels after the previous week's 1,852,000 increase. USA crude CLc1 settled $1.18, or 1.6 percent, higher at $76.41 a barrel, after touching a session high of $76.90.
Sources told Reuters earlier on Wednesday that Russian Federation and Saudi Arabia had informed the United States of their private deal to raise supply before a meeting in Algeria with other producers.
Speaking at the United Nations General Assembly in NY last month, Trump accused OPEC members of "ripping off the rest of the world". That would be just short of the record high for Saudi output of 10.72 million bpd in November 2016.
The US crude oil price is pausing for breath after its strong advance ahead of US sanctions on Iran, which take effect on November 4.
The Trump administration has been criticizing Saudi Arabia for high oil prices. "Not good. We want them to stop raising prices, we want them to start lowering prices", he said.