Trump, facing political pressure at home, has been calling on OPEC and American allies like Saudi Arabia to boost their production to lower global crude oil prices. "Technically the market has been in a weak position", said Phil Flynn, analyst at Price Futures Group in Chicago.
Oil prices climbed for the first time in three days on Wednesday, rising around 1 percent ahead of the start of USA sanctions against Iran next week and as stock markets clawed back some of the losses they racked up this month. The U.S. has agreed to let eight countries - including Japan, India and South Korea keep buying Iranian oil after sanctions kick in this weekend to prevent a spike in prices, a senior administration official said.
"Crude has been hit hard by the broader macro sell-off and concerns about trade wars and strong dollar hurting emerging market (EM) demand. What this means in the near-term is that the US may double production, double export capacity and introduce new market innovations", Fannon said.
If the reports of a waiver are untrue and all of Iran's oil output is sanctioned by the USA, then it could be a problem for the global oil market, he said.
While that action isn't expected to come, OPEC oil production did rise by 100,000 barrels per day during September through lower adherence to the output cap, amid fears over the impact of lower exports of Iranian oil.
Oil was also being weighed down by signs of rising supply from top producers. This made the U.S. the biggest oil producer in the world.
USA production hit an all-time high of 11.3 Mmbpd in August, according to the Energy Information Administration's first reading of monthly data released Thursday.
WTI Crude Oil (Light Sweet) price at NYMEХ Stock Exchange down by 0.51% to $66.35 per barrel.
The oil price is likely to stabilise once into 2019, according analyst at Barclays, and risks to those projections are slanted firmly to the downside but not everybody got the message as some strategist are now betting heavily on a sharp increase in prices over coming months.
Both Russia and the largely-Arab bloc have worked together for two years in order to stem the 2014-2016 decline in prices and more recently, to force them higher.
"I think there might be another spike left in crude still". His impressive career goes back nearly three decades, gaining attention with his market calls as writer of "The Energy Report".