WTI Crude Fluctuates as Saudi Arabia Sees Ample Oil Supply - Bloomberg:
"West Texas Intermediate crude swung between gains and losses after Saudi Arabia, the biggest producer in the Organization of Petroleum Exporting Countries, said the global oil market is well-supplied.
Futures fluctuated in New York after Ali Al-Naimi, Saudi Arabia’s oil minister, said the nation will meet additional demand as geopolitical concerns dominate the market. The U.S. and Russia meet today to discuss a plan for Syria to surrender its chemical weapons. Prices rose yesterday for the first time in three days as government data showed supplies at the largest U.S. oil hub shrank to the lowest since February 2012.
“The reason for the oil premiums have to be questioned,” said Jonathan Barratt, the chief executive officer of Barratt’s Bulletin in Sydney. “The summer drive time has now ended, and although we’ve had some draws toward the close, expect builds now. Syria is changing, emerging market risk is not there. Overall, I don’t think prices should be up at these levels.”"
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