Production cuts by Opec have led to worldwide oil prices hitting a four-year high last month that forced a Rs 3.8 per litre hike in petrol and Rs 3.38 a litre increase in diesel prices.
The US hasn't asked Opec to bolster supplies, United Arab Emirates Oil Minister Suhail Al Mazrouei - who this year holds Opec's rotating presidency - told CNN.
Trump sparked the latest back-and-forth when he renewed his attack on OPEC in a tweet on Wednesday that said oil prices are too high and that the cartel was "at it again".
China on Thursday reported a drop in refinery activity, from 12.06 million barrels per day (bpd) in April to 11.93 million bpd in May, although year-on-year runs were still up by 8.2 percent.
"Looks like OPEC is at it again", Trump said in an April 20 tweet. The Organisation of Petroleum Exporting Countries (Opec) collectively produces some one third of global oil supply.
At 1030 GMT, the August ICE Brent crude futures contract was down 31 cents/b from Wednesday's settle, at $76.43/b, while the NYMEX July sweet light crude contract was up 16 cents at $66.80/b.
"The prospect of easing supply curbs from OPEC-led producers continues to be reflected in oil's overall depressed price". U.S. crude traded Wednesday near $67 a barrel. "There is going to be a real issue", he wrote, predicting prices above $US150 per barrel within two years.
In part because of strong demand, U.S. crude inventories fell by 4.1 million barrels in the week to June 8, to 432.4 million barrels.
But the US request and a Trump tweet in April that blamed OPEC for high oil prices has caused a split within the oil group, with some members accusing Saudi Arabia of being too eager to do Trump's bidding.
With output in Russian Federation rising back above 11 million bpd in June and Saudi production climbing to more than 10 million bpd, supplies from the top three producers are increasing.
"Even if the Iran-Venezuela supply gap is plugged, the market will be finely balanced next year and vulnerable to prices rising higher in the event of further disruption", the Paris-based agency said.
Saudi Arabian Crown Prince Mohammed bin Salman and President Vladimir Putin are meeting in Moscow tomorrow to discuss oil policy on the sidelines of the opening match of the FIFA World Cup.
Prices, however, were already rising on growing demand and expectations that a sharp pullback in new investment by oil companies would reduce the oil supply.
Barely recovered from the roller coaster ride of recent weeks, traders are holding their breath for the June 22 meeting of oil ministers from OPEC member states in Vienna.
"OPEC has the lowest spare capacity ever right now", said fund manager Pierre Andurand, in a tweeted response to Trump.
"At OPEC's meeting in a good week's time, Saudi Arabia apparently plans to make several proposals that all boil down to increasing production on a one-off or gradual basis by between 500,000 and 1 million barrels per day", Commerzbank analysts said in a note.
Given that we didn't know if we would see a new Elder Scrolls title anytime in the next five years, this is welcome news indeed. Truth be told, none of us should be surprised that Bethesda is working on a new Elder Scrolls game .
The officials say the forces assigned to break into the city are comprised of three brigades of UAE-backed Amaleqa bridges. They say a network of minefields in the rebel-held areas has hindered the advance of government forces.
The result followed a day of high drama as a justice minister in May's government resigned in order to back the amendment. In between discussions, he spoke to ministers on the front benches, including May, scribbling notes on a Commons paper.
Though it isn't likely to get voter approval, it would still have to clear numerous hurdles, including getting approval from U.S. The Cal 3 campaign says smaller government would be more responsive and give the three states a stronger voice in Washington.
In response, the European Union is preparing new tariffs set to hit United States exports ranging from jeans to bourbon whiskey. But despite the rows over trade and Russia , Mr Trump rated his relationship with other G7 leaders as 10 out of 10.
Set to be released exclusively on the PlayStation 4 on 7 September, Marvel's Spider-Man looks to be a pretty darn good game. That said, Sony and co. weren't finished showing off the game, in fact they were nowhere near finished.
Trump searches for credit on North Korea nuclear deal
Maybe we are going to have to try it, '" he later said , recounting the outrage that followed. "I saved us a lot of money". The Korean crisis began to thaw at the start of 2018 when Kim announced his decision to resume talks on denuclearization.
Kim 'open' to dialogue with Japan
Up until now, China's government has scrambled to keep up with rapidly escalating tensions between the US and North Korea. The US Secretary of State also held a trilateral meeting with the South Korean and Japanese foreign ministers.
Hillary Clinton-email report set to be released
Report earlier today", White House press secretary Sarah Sanders said in a press briefing Thursday. Comey, in his own response, says the IG report seems fair, but he disagrees with parts of it.
Manafort faces new charges in Russia probe
They could also be an effort by Mueller to induce a guilty plea and secure the testimony of a critical campaign adviser to Trump. Kilimnik, a Russian intelligence asset, is now under the protection of Moscow and unlikely to ever see an American court room.
Guardiola responds to Toure's allegations
He'll never admit it [not liking Africans]. "I was at a fantastic age in which I was taking on the world. Speaking to TV3 (h/t Fay), the City boss denied the suggestions made by the Ivory Coast global .