Trump's comments come ahead of the Organization of the Petroleum Exporting Countries meeting with Russian Federation and other big producers for the World Oil Outlook meeting in Algiers this weekend where they will discuss boosting output to push prices down and compensate for looming sanctions on Iranian oil.
While Iran's exports have moved in Trump's favor, the president faces the predicament of wanting oil prices to come down before US midterm elections on November 6.
Trump's criticism was directed primarily at Saudi Arabia, Opec's biggest producer, after the kingdom said it could tolerate oil prices above $80, at least in the short term, said Commerzbank commodities analyst Carsten Fritsch.
The U.S. president is keen to ensure there is no impact on domestic fuel prices ahead of the midterm elections, Financial Times reported.
The United States benchmark for crude oil, the West Texas Intermediate also gained in price, going up by 1.4% to trade at $70.00 per barrel.
Oil prices have increased from around $50 per barrel last September, to more than $70 per barrel today, with a rebalancing of the supply and demand disparity in the market, as well as major weather and geopolitical events playing a part.
According to Tamas Varga, a strategist with PVM Oil Associates, the question is not about the price movements being justified, rather, the current dictator of crude oil's price is the ability of producers to supply the amount of oil actually needed. He was referring to the weekly survey from the oil industry group the American Petroleum Institute (API) on Tuesday that indicated United States stocks had risen by 1.2 million barrels last week.
Crude inventories fell 2.1 million barrels to 394.1 million barrels, the lowest since February 2015, EIA data showed.
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"Investors are now assessing the Saudis' mixed message on oil prices versus its earlier pledge to increase output", said Hong Sungki, a commodities trader at NH Investment & Securities Co.in Seoul.
Over the past year, refiners in the East Coast have been receiving as much US crude oil from the Gulf Coast by tanker or barge as they have received from the Midwest by rail. For the same period, analysts expected crude inventories to decrease by about 2.7 million barrels.
A new set of U.S. sanctions is due to hit the Islamic republic's oil industry on November 4.
The Lone Star state no the USA has climbed up the rankings in terms of energy security because it w produces so much oil that it would be ranked third in the world on its own if it were a country, outstripping the likes of Iraq and Iran.
Prices have traded mostly below $80 over the past few months on fears trade tensions between the USA and China could damp global demand.
Mostly, however, it's the uncertainty over how easily other producers can compensate for any lost supply.
OPEC members will meet this weekend with non-OPEC producers such as Russian Federation to discuss production levels.