Oil Closes Below $70 for Fourth Session as Stockpiles Accumulate
- Saudi Arabian oil chief takes embargo-style tactics off table
- U.S. inventories expanding at fastest pace since early 2017
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Crude settled below $70 a barrel for a fourth straight session as Saudi Arabia backed away from using its oil wealth as a diplomatic hammer and American inventories expanded at the fastest pace in more than a year and a half.
Futures added a nickel in New York on Monday. Saudi Arabian Energy Minister Khalid Al-Falih eased concern that the world’s biggest oil exporter would withhold supplies to counter any punishment over the killing of regime critic Jamal Khashoggi.