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Oil rallied for a second straight week as OPEC's initiative to rebalance the crude market and geopolitical risks to supplies around the world eclipsed U.S. President Donald Trump's tweet on oil's “artificially Very High” prices.
The comments of the U.S. leader came as the Organization of Petroleum Exporting Countries and allies voiced their willingness to take further action to tighten oil markets and bolster prices in a meeting in Saudi Arabia.
WTI futures slid as much as 1.2 percent early Friday before recovering as the effect of the tweet dissipated. The futures have gained 10 percent in two weeks.
Oil ministers from Saudi Arabia, Russia and the UAE argued against Trump's claims, stating there is no such thing as artificial prices, that present market levels mirror the global geopolitical conditions and that appetite for crude is strong. Oil has advanced in recent weeks as production cuts from OPEC and its allies were added on by heightened political risks, including the possibility of renewed U.S. sanctions on Iran. U.S. shale producers are also tackling production issues.
During a meeting in Jeddah, a joint committee of OPEC and other oil producers found high compliance levels with the production curbs. However, there is still capacity for prices to rally above the previous week's three-year peak, according to Saudi Arabia Energy Minister Khalid Al-Falih, who stated cooperation between OPEC and non-OPEC producers would be extended into 2019.
WTI futures advanced 9 cents or 0.1 percent to close at $68.38 per barrel on Friday. For the week, it edged up 1.5 percent following an 8.6 percent in the prior week.
Brent crude futures declined around 69 cents at the time of Trump's tweet, before closing 29 cents up at $74.06 per barrel. For the week, the international benchmark was up 2 percent.
