Crude Advances as Saudi Arabia Dismisses Oversupply Speculation
- Saudis say talk of excessive supplies is ‘without basis’
- Weakening dollar, looming WTI expiry keep price elevated
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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.