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13 June 2018, 07:55 | Hattie Nash
Pumped further by global trade war fears, oil prices have since surged to multi-year highs, only to then fall back again somewhat, the IEA said.
"Glad you noticed. We wrote you last month asking for action", Schumer said, including a copy of a letter in which he and three other Democratic senators called on Trump "to use all of your authority" to pressure OPEC to increase world oil supplies.
OPEC's crude oil production increased by 35,400 bpd from April, to 31.869 million bpd in May, as Saudi Arabia, Algeria, and Iraq boosted production that was partially offset by lower production in Nigeria, Venezuela, and Libya.
Earlier in the session, Brent and USA crude had retreated on concerns about rising production in the United States and expectations that OPEC and other producers could relax voluntary output cuts.
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Brent futures for August settlement declined as much as 62 cents to $75.26 on the London-based ICE Futures Europe exchange, after sliding 0.8 percent on Tuesday.
In the United States, the American Petroleum Institute said on Tuesday crude oil inventories rose by 830,000 barrels in the week to June 8, to 433.7 million. "Put the exports of crude on top of that, and it's just a really bullish report".
His tweet comes in advance of a meeting of the Organization of the Petroleum Exporting Countries and Russian Federation planned for June 22 in Vienna to discuss easing supply caps that have been in place since the beginning of 2017. Prices have risen around 60 per cent over the a year ago.
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"To make up for the losses, we estimate that Middle East OPEC countries could increase production in fairly short order by about 1.1 mb/d and there could be more output from Russian Federation on top of the increase already built into our 2019 non-OPEC supply numbers", it added.
The agency is forecasting global oil demand will grow by 1.4 million barrels per day (bpd) in 2019 - topping 100 million bpd in the second quarter of the year.
Rising oil output by the world's third biggest producer, the USA, is also affecting prices.
Fund manager Pierre Andurand at Andurand Capital is bullish.
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