Crude oil futures were marginally lower during mid-morning trade in Asia Monday following a rise in US oil rig count and profit-taking.
At 10:30 am Singapore time (0230 GMT), June ICE Brent crude futures were down 10 cents/b (0.14%) from Friday's settle at $73.96/b, while the new front-month June NYMEX light sweet crude contract was 18 cents/b (0.26%) lower at $68.22/b.
At the OPEC Joint Monitoring Committee meeting in Jeddah on Friday, the group reiterated its commitment to the supply cut agreement, which was bullish for the market, analysts said.
Trump tweeted early Friday: "Looks like OPEC is at it again. With record amounts of oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! No good and will not be accepted!"
Saudi Arabia's energy minister Khalid al-Falih responded by saying "there is no such thing as an artificial price" and that markets determine the price.
"Markets this [Monday] morning are still reacting to Trump's tweet and a bearish report from Baker Hughes, " Benjamin Lu, investment analyst at Phillip Futures, said. Baker Hughes report released Friday showed that US oil rig count, an indicator of future crude production, rose by five to 820 for the week ended April 20.
Lu said that fundamentally, the market was leaning towards bullishness, with increased expectations of OPEC extending its oil production cut deal to 2019, a decision on which is likely to be taken in June, and the possibility of US withdrawing from the Iran nuclear deal by May 12.
Meanwhile, Libya's oil production has been cut by 80,000 b/d after an attack on its pipeline to the Es Sider terminal on Saturday.
"Investors focused on further supply outage stemming from Libya's fire mishap in its biggest export terminal which could cut supplies," OCBC commodities economist Barnabas Gan said.
The fire was the result of sabotage, Libya's National Oil Corp. said, but it did not say who was responsible for the attack.
"Prices today are likely to be rangebound until next fundamental data on US crude inventories provide further direction," Lu said.
As of 0230 GMT, the US Dollar Index was up 0.04% at 90.135.
