Traders said the rising stocks were partly due to a relentless increase in USA crude oil production, which has jumped by a third since mid-2016 to a record 11.1 million bpd.
Oil prices remain near four-year peak on rising doubts about the capability of Saudi Arabia and other oil producers to substitute the cuts in Iran's crude exports once the USA imposes oil sanctions on the Islamic republic on November 4.
Traders said the rising stocks were partly due to a relentless increase in USA crude oil production, which has jumped by a third since mid-2016 to a record 11.1-million barrels a day.
"Mr. Trump has said OPEC is responsible for rising oil prices and has to raise production, but one must say that OPEC is not responsible, but the Trump himself is responsible for the rise", Zangeneh added.
"I might say, also, that we're not going to stop with the resumption of the sanctions that existed pre-2015". You might not be there for two weeks without us.
Trump didn't elaborate on when he made the comments to Saud Arabia's 82-year-old monarch.
The investment bank said there was enough oil to meet demand, but "global spare capacity is dwindling to the lowest level that we can document. meaning any further supply disruptions would be hard for the market to manage - and could lead to spiking crude oil prices".
Storm poised to strengthen as it enters Gulf
On tap for the week wetter weather with isolated to scattered showers and thunderstorms especially the later half of the week. South and southeast winds from the storm threatened to push water north into Terrebonne and Lafourche's bayous and marshes.
Saudi Arabia has admitted it can't increase production because it's already producing nearly to capacity. Riyadh has worked to cultivate warm relations with the U.S. President after having rocky moments with former President Barack Obama.
The global oil benchmark, Brent crude, rose above $86 per barrel on Wednesday, as traders considered reported declines in Iranian exports due to pending United States' sanctions.
"If Genscape is right and we do have more oil then the drop in inventories we witnessed over the past year plus is coming to an end", said Gene McGillian, manager of market research at Tradition Energy. The startup could lead to an additional 500,000 barrels a day in production. A Reuters survey showed that Saudi Arabia was still producing 10.53 million barrels a day in September, they pointed out.
Meanwhile, U.S. gasoline prices are up ahead of November midterm elections in which Trump already faces political headwinds.
"They're taking a pause after yesterday's sell-off", said Andrew Lipow, president of Lipow Oil Associates.
Oil prices tend to overshoot on the upside (2008 and 2011) just as they have done on the downside (1998, 2009 and 2016) before correcting.