In point of fact, Friday's (June 7th) rally began after Saudi Energy Minister, Khalid al-Falih had been quoted saying at a press conference in Russian Federation that the OPEC alongside its allies should extend production cuts beyond June to grapple with an extravagant upsurge of USA inventories.
Friday's crude trading was a repeat of past end-of-week performances, with sentiment causing West Texas Intermediate prices to to surge by 2.7 percent - but still not enough to ward off a third straight week of declines overall. Crude later pared gains.
"I don't think the question is at all whether we will extend or not", Al Falih said after a panel at the St. Petersburg International Economic Forum chaired by Bloomberg TV.
Al-Falih remarked, "On the OPEC side, a rollover is nearly in the bag; the question is to calibrate with non-OPEC, [but] I don't think there will be a need to deepen the cut".
"I'm hoping it will be an easy decision and that we'll roll over, but if it's not, we will be flexible in terms of our position in the kingdom", he said.More news: Former Major College Football Player Charged With Murder
In addition, on Thursday, the US Treasury Department further tightened Venezuelan crude oil supplies by announcing that recipients of oil from its state owned oil company could be subject to US sanctions.
USA stocks, which oil prices tend to follow, spiked after Bloomberg News reported the United States is considering a delay in the tariffs as talks continue.
Falih said the oil market was still not completely stable and said prices were being influenced by factors outside OPEC's control, even though the market showed some encouraging signs. "This floor is in line with the technical support zone of $58-60 a barrel in Brent oil prices", said Hans van Cleef at ABN Amro bank.
Crude appears to be entering a bear market as the shift in US trade policy dampens the outlook for global growth, but efforts by the Organization of the Petroleum Exporting Countries (OPEC) may curb the recent selloff as the group remains committed in stabilizing the energy market.
The United States has also threatened to put tariffs on goods from its major trading partner Mexico.More news: West Indies, Australia aim for 2nd wins at World Cup
Meanwhile, U.S. and Mexican officials are reportedly in migration talks.
"The weak economic data and widening trade conflict have made for a gloomier demand outlook".
Despite the two-day bounce, Brent is heading for a third week of decline, down more than 3 per cent.
Oil prices jumped more than 2% on Thursday, reversing course after falling to near five-month lows in the previous session, following a report that the United States could postpone tariffs on Mexico.More news: Israel Folau launches legal action against Rugby Australia