Oil Set for Weekly Loss as Supplies Allay Saudi Arabia Tensions - Bloomberg

Oil Set for Weekly Loss as Supplies Allay Saudi Arabia Tensions - Bloomberg:

Oil headed for a weekly loss as plentiful supplies helped offset worries that tensions between Saudi Arabia and the U.S. over the disappearance of a journalist could lead to the use of crude production as a political weapon.

Futures have lost 3.3 percent in New York this week. Saudi Arabia -- the world’s biggest oil exporter -- issued a veiled threat about using its position as a major crude supplier if the kingdom is punished for the disappearance of critic Jamal Khashoggi. Analysts however doubted the crisis would go that far. Concern receded further as U.S. government data showed crude inventories grew last week by more than double the level analysts forecast.