"We're seeing a bounce to the upside thanks to spillover from a really good jobs number and strength in equity markets, as well as a draw in Cushing stocks", said Jim Ritterbusch, president of Ritterbusch and Associates.
"The OPEC Monopoly must remember that gas prices are up & they are doing little to help", Trump wrote on his personal Twitter account. On Wednesday he tweeted that OPEC is "doing little to help", adding that, "if anything, they are driving prices higher". "REDUCE PRICING NOW!" Trump tweeted.
Trump has been complaining about OPEC at the same time that Washington is piling pressure on its European allies to stop buying Iranian oil.
According to the sources, India is hoping to hold engagement on this subject with the United States within the span of a month but it is unlikely for the USA to grant a waiver.
As well as declines in nationwide stockpiles, inventories in the key US storage hub of Cushing, Oklahoma, shrank by 2.6 million barrels, the API was said to report.
The global oil benchmark, Brent crude, was trading around $77.49 per barrel as of 8:20pm Nigerian time on Thursday.
Trump has repeatedly called on the oil cartel to reduce prices.
But strong personal relationships between the leaders and agreement on the overall deal obscure disagreement on some key details, not least the desirable level for oil prices. "Under these circumstances it is justified to argue for higher prices when production increases are announced", PVM Oil Associates strategist Tamas Varga said, CNBC reported.
Ardebili declared, "OPEC has not defined oil prices for the past 30 years".
The recent strength in oil prices has, in part, been spurred by a U.S. announcement that it plans to re-introduce sanctions against Iran, Opec's third-largest producer, from November, targeting oil exports.
A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, Iran ib July 25, 2005. The American Petroleum Institute, an industry body, was said to report that stockpiles fell by 4.51 million barrels.
Oil this month rallied to the highest level in more than three years as the Organisation of Petroleum Exporting Countries' output increase plan was overshadowed by supply disruptions in Libya, Canada and Venezuela. Last month, in an interview with Reuters, he said that "you (Trump) can not place sanctions on two OPEC founder members and still blame OPEC for oil price volatility".