Crude Advances as Saudi Arabia Dismisses Oversupply Speculation - Bloomberg

Crude Advances as Saudi Arabia Dismisses Oversupply Speculation - Bloomberg:

Crude pushed higher as Saudi Arabia pledged not to flood world markets with oil and the dollar wavered.

Futures ended Thursday’s session 1 percent higher in New York. Saudi Arabia dismissed assertions that it’ll oversupply demand as “without basis” and said it “does not try to push oil into the market beyond its customers’ needs.” Meanwhile, the greenback pared its biggest gain in a week after U.S. President Donald Trump said a strong currency puts the U.S. at a disadvantage.

“The Saudi story is the big story that turned the momentum around,” said Phil Flynn, senior market analyst at Price Futures Group Inc. in Chicago. The dollar losing steam combined with WTI’s approaching expiration also provided strength, Flynn said.