Earlier Wednesday, Trump tweeted that OPEC was "at it again" and that oil prices were "too high", even as his decision to reimpose sanctions on Iran could cause oil prices to go even higher. "Adjusted for inflation, these prices are not out of line with where we've seen oil prices for the last decade or two".
Oil prices reversed losses, USA crude settling 0.4% higher at $66.64 a barrel, and Brent crude rising 1.1% to $76.74, amid reports that Russian Federation wants a full-rollback of production cuts it had agreed to make with OPEC in 2016.
Brent crude was up 53 cents at $76.41 a barrel by 10:52 a.m. EDT (1552 GMT).
In part because of strong demand, USA crude inventories C-STK-T-EIA fell by 4.1 million barrels in the week to June 8, to 432.4 million barrels.
US President Donald Trump has reignited his spat with the world's largest oil producers as surging oil prices take their toll on US manufacturing and industry. "Put the exports of crude on top of that, and it's just a really bullish report".
Domestic production rose to 10.9 million barrels per day up from 10.8 million bpd in the week prior, EIA said. "It seems like we need nearly every barrel of that to keep up with this refining demand". The IEA said OPEC countries in the Middle East could quickly boost production by 1.1 million bpd.
US crude output has risen by nearly 30 percent in the last two years, and it is now close to top global producer Russian Federation, which produced 11.1 million bpd overall in the first two weeks of June.
On Wednesday, the national average for a gallon of regular stood at $2.91, up 25 percent from a year ago, according to the AAA auto club.
The full organization, plus non-members like Russian Federation who agreed to take part in the earlier round of production cuts, are meeting June 22 and 23 in Vienna.
"Over time it would have happened anyway because of the cutbacks in (drilling) investment, but definitely OPEC's cut in production helped speed the reduction of the oil glut", said Phil Flynn, an oil analyst for The Price Futures Group. "Unofficial sources have said Russian Federation will propose to return production back to the October 2016 (level), i.e. removing the cap altogether over a period of three months".
"Statements by several parties suggest that action in terms of higher supply could be on the way", said the IEA, which represents the United States and other oil-consuming nations.
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.
"The market will be finely balanced next year, and vulnerable to prices rising higher in the event of further disruption", the IEA said in its monthly report.