OPEC, Russia rebuff Trump's call for immediate boost to oil output

US light crude CLc1 settled up $1.30, or 1.8 percent, higher at $72.08. Earlier, oil prices had surged on worries about global supply after USA sanctions on Iran's oil exports take effect November 4.

Fibonacci projections at $82.84 (200% of the upleg from $77.36) and $83.89 (Fibo 238.2%) mark next targets, however, bulls may accelerate further in unobstructed positive environment.

U.S. West Texas Intermediate (WTI) crude futures were at $72.10 a barrel, up 2 cents from their last settlement.

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Crude oil prices are now rallying.

Meanwhile, Daniel Jaeggi, president and co-founder of Mercuria Energy Trading said worldwide crude oil prices could surpass the $100/b level, indicating that the global oil market does not have an adequate supply response for a potential reduction in Iranian supplies.

But the third largest OPEC producer, Iran, has said Trump is to blame for the oil price rise through his sanctions on the country, and Iran has accused Saudi-Arabia of deferring to U.S. pressure.

While the group didn't take action on Sunday, it seems set on making sure the market doesn't get too carried away, said Mark Quartermain, Royal Dutch Shell Plc's vice president for global crude oil trading and supply.

Mercuria Energy Group co-founder Daniel Jaeggi for example has said prices could spike well over $100 because the market does not have much spare capacity to replace more than two million barrels a day that will be lost. -China trade war and supply, especially from the US, was seen sufficient in the next 12 months, said Janet Kong, BP Plc's head of trading in Asia.

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The saudi minister called for the continuation of the cooperation between the signatory countries of the agreement, implying that a division within them could lead to the end of the stability in oil prices.

"They would not be safe for very long without us, and yet they continue to push for higher and higher oil prices!"

Delegates from major oil-producing nations have agreed to continue working to boost output.

"The market is well-supplied", Saudi Energy Minister Khalid Al-Falih said after a meeting of OPEC and its allies over the weekend.

Mohammad Barkindo, OPEC secretary general, said in Madrid on Tuesday OPEC and its partners should cooperate to ensure they do not "fall from one crisis to another".

"We are not targeting a price, we are aiming for the stability of the market", for its part, has argued the minister emirati Energy, Souhail al-Mazrouei, chairman of the conference of the Opec.

Higher gasoline prices for USA consumers could create a political headache for Trump before November mid-term congressional elections.

"Iran will lose sizeable export volumes, and given OPEC+ reluctance to raise output, the market is ill-equipped to fill the supply gap", Harry Tchilinguirian, global head of commodity markets strategy at French bank BNP Paribas, told the Reuters Global Oil Forum.

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