Oil Declines After Saudi Aramco Says It's Sustaining Investments - Bloomberg Business

Oil Declines After Saudi Aramco Says It's Sustaining Investments - Bloomberg Business:

"Oil gave up its gains after the world’s biggest crude exporter said it’s keeping up investments in energy projects.
Futures dropped as much as 4.1 percent after earlier rising as much as 1.7 percent in New York. State-run Saudi Arabian Oil Co. hasn’t reduced its investment capacity amid lower crude prices and is building a marine cluster in the eastern part of the Middle East nation, Chairman Khalid Al-Falih said.
“The Saudi news surely would give a little bit of a worry that production would remain strong,” Daniel Ang, an investment analyst at Phillip Futures, said by phone from Singapore. “The main reason for oil losing steam still comes from the fact that oil markets are currently in oversupply.”"



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