Oil has rebounded to over Dollars 70 a barrel, after prices crashed to as low as USD 26 in January 2016.
The recovery has also been fuelled by geopolitical tensions, US President Donald Trump's threat to reimpose nuclear-related sanctions on Iran and production problems in Venezuela, Nigeria and Libya.
Faleh insisted the Organization of Petroleum Exporting Countries (OPEC) does not have a price target for oil.
"Looks like OPEC is at it again", Trump said on Twitter.
"With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High!"
Oil prices dipped on Monday as a rising US rig count pointed to further increases in the country's output, underlining one of only a few factors holding back crude markets in an otherwise bullish environment. Trump said on Twitter.
"Global oil demand data so far in 2018 has come in line with our optimistic expectations, with Q1 2018 likely to post the strongest year-on-year growth since Q4 2010 at 2.55 million barrels per day", USA bank Goldman Sachs said in a note published late on Thursday.
Both contracts had been trading in positive territory before Trump's tweet.
Saudi Oil Minister Khalid al-Falih said OPEC and its allies were still far away from reaching their target and that a drawdown in oil inventories needed to continue.
OPEC Secretary-General Mohammad Barkindo said members were friends of the United States and have a vested interest in its growth and prosperity.
Oil fell in NY after U.S. President Donald Trump criticized OPEC and said crude prices are "artificially Very High".
USA drillers added five oil rigs drilling for new production in the week ending April 20, bringing the total count to 820, the highest since March, 2015, according to General Electric's Baker Hughes energy services firm.
"Reduced energy intensity and higher productivity globally of energy input leads me to think that there is the capacity to absorb higher prices", he said. Asked whether he thought it was fair that the US president was getting involved in OPEC matters, he said jokingly: "Since when is it about fairness?" The United States is on course to become the world's largest oil producer but it has never participated in OPEC meetings due to tough anti-trust legislation.
Trump's Friday morning tweet comes as representatives from OPEC nations and allied oil ministers are meeting in Jeddah, Saudi Arabia to discuss their agreement to maintain cuts to production in order to keep prices up.
"Trump's decision on Iran in a few weeks time is going to play as much a part as what he's accusing OPEC of doing", said Ole Hansen, head of commodity strategy at Saxo Bank A/S.
"Everything is now fine and the market is stabilising", Luaibi who has met other ministers in Jeddah, Saudi Arabia.