Oil prices at four-year high after OPEC rebuffs Trump

Saudi energy minister rips Trump tweet: 'I do not influence oil prices'

Oil benchmark Brent traded little changed on Wednesday after rising to its highest in almost four years in the previous session, while USA crude futures fell as United States' officials tried to assure that the market would be well-supplied before sanctions are re-imposed on producer Iran.

Focus turns on release of US API crude stocks report later today and EIA US crude inventories on Wednesday, for fresh signals, as the latest report showed US oil Inventories at record lows and further boosted oil prices. Brent crude futures were at 79.84 dollars per barrel.

Opec and other producers had discussed raising output by 500,000 barrels a day, Reuters reported.

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. This comes after the US Congress has reconsidered legislation aimed at preventing OPEC from manipulating oil prices.

Crude oil prices are now rallying.

With the USA sanctions on Iran taking full effect in early November, the $100-oil scenario could be becoming more realistic.

Officials from the Organization of the Petroleum Exporting Countries and allies including Russian Federation, meeting in Algiers, said that they increased production in recent months, and customers now have adequate supplies.

OPEC leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, on Sunday effectively rebuffed a demand from Trump for moves to cool the market. Once the elections are over, the USA administration may be willing to bear a higher oil price.

In a speech, Mohammad Barkindo, OPEC secretary general, said the organisation would "work hard to ensure a sustainable stability in the global oil market, enabling steady and lasting economic growth across consuming and producing countries".

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But a meeting of OPEC and non-OPEC energy ministers in Algiers ended without any formal recommendation for a supply boost.

After pulling out of the 2015 Iran nuclear deal in May this year, the Trump administration has pledged to impose an embargo on Iranian oil from November 5.

Saudi Arabia signaled the kingdom is in no rush to bring oil prices down from current levels.

Hedge funds and other money managers raised their combined net long position in the six most important petroleum contracts by just 3 million barrels to 1.049 billion barrels.

Trump said last week that OPEC "must get prices down now!", but Iranian Oil Minister Bijan Zanganeh said on Monday OPEC had not responded positively to Trump's demands.

"Balances are precarious and the lack of spare capacity could see crude pricing well above US$90 or even US$100, should all of the potential risk in the market materialize", analysts including Ed Morse said in the note.

He said: "My information is that the markets are adequately supplied".

Iran's representative to Opec, Hossein Kazempour Ardebili, the head of the iranian delegation in Algiers, has indicated that his country continues to honor its "share of production" and said to expect the client countries of Iran "exercise their sovereignty and do not submit to the instructions of (Donald) Trump".

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