Oil Extends Gain Near $70 as Saudis Vow Not to Oversupply Market - Bloomberg

Oil Extends Gain Near $70 as Saudis Vow Not to Oversupply Market - Bloomberg:

Oil extended gains near $70 a barrel in New York, paring a third weekly loss, after Saudi Arabia said it will not flood the market with crude.

West Texas Intermediate futures rose 0.4 percent, bringing this week’s decline to 1.8 percent. OPEC’s de facto leader Saudi Arabia, under pressure from U.S. President Donald Trump to pump more and ease prices, said it will keep exports steady this month and reduce it by 100,000 barrels a day in August.

“It seems the Saudis were concerned about the abrupt shift in the market sentiment from bullish to bearish, and they wanted to draw a line in the sand around current levels,” said Giovanni Staunovo, an analyst at UBS Group AG in Zurich.