Brent crude LCOc1 was up 87 cents, or over 1 percent, at $76.75 a barrel by 1:38 p.m. EDT (1938 GMT).
The deal, which is due to run out at the end of 2018, has succeeded in boosting oil prices above $70 a barrel from below $30 a barrel in early 2016.
USA production rose to 10.9 million barrels a day in the week, but Kilduff said the market appeared able to absorb the increase.
"Oil prices are too high, OPEC is at it again". "It seems like we need nearly every barrel of that to keep up with this refining demand".
De Gea refuses to rule out Real Madrid move
It personally didn't affect me much but obviously I have people close to me that are affected by this more than me. It's very important to have a good World Cup and I hope we can go far and win - that would be incredible .
- Donald J. Trump (@realDonaldTrump) April 20, 2018Bloomberg and Reuters reported last week that Trump requested that Organization of Petroleum Exporting Countries members, such as Saudi Arabia, increase their oil production.
Russia's production was 11.1 million barrels a day in June, exceeding its quota, according to sources familiar with the matter.
The benchmark price of crude has surged from around $50 a barrel last summer to within a breath of $80 a barrel a few weeks ago.
"This is the most political OPEC meeting in a long time", said Amrita Sen, chief oil analyst at consultant Energy Aspects Ltd. "The withdrawal from OPEC + will not be discussed", he said, confirming that Putin's meeting with the crown prince of Saudi Arabia will be held on Thursday. Moscow's pledge in the deal is to shave off 300,000 bpd from the October 2016 level, which was the country's highest monthly production in nearly 30 years-11.247 million bpd.
"I think in the near future there will be time to release supply", Saudi Energy Minister Khalid Al-Falih said at the St. Petersburg International Economic Forum in Russian Federation in late May.
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As The Telegraph reported, President Donald Trump vowed to end war games with North Korea, pledging new history. Trump even said he'd like to eventually close all US military operations on the peninsula.
In April, Saudi Energy Minister Khaled al-Faleh said the global market has the capacity to absorb higher oil prices - a remark that drew a swift reaction Trump.
The IEA said it expects global oil demand to grow 1.4 million bpd this year, and in 2019, and will top 100 million bpd in the fourth quarter of 2018.
Fund manager Pierre Andurand at Andurand Capital was bullish.
But OPEC said on Tuesday the outlook for the oil market in the second-half of this year was highly uncertain and warned of downside risks to demand.
Vienna possible venue for Putin-Trump summit
Mr Trump had earlier called for Putin's country to be readmitted to the group in the interest of world politics. This marks Trump's second summit of the G-7, an informal gathering every year under a rotating chairmanship.