Recent oil rally driven by geopolitical tensions and not supply shortage - OPEC sources

According to the latest headlines floating on the wires, via Reuters, four OPEC sources were quoted saying that oil price rally towards $80/barrel, though "not yet" too high, is driven by geopolitical tensions and not supply shortage. 

Additional headlines: 

   •  Saudi Arabia believes a brief oil price spike driven by speculators is not grounds for producers to boost output. 

The comments indicated that Saudi Arabia remains in favor of continuing with the output cuts and thus, provided a minor lift to oil prices, with WTI crude oil recovering a major part of early declines and now holding comfortably above the $71.00/barrel mark.