Oil rises for the fourth day as Saudis swear the market is not in surplus

The oil rose for a fourth day to $ 70 a barrel after Saudi Arabia reported that it was not going to push oil into the market beyond the needs of its customers, dispel fears that this could flood the market. Friday, after gaining 2.1% in the previous three sessions. The de facto leader of the OPEC Saudi Arabia, urged by US President Donald Trump to pump more and soften prices, said that exports would be "about equal" to June and drop by 100,000 barrels a day. August

Crude oil fell about 6% this month as the prospect of a trade war between the United States and China shook the global financial markets. The US oil benchmark closed on Thursday above its 50-day moving average after slipping below this level earlier this week, while worries about potential supply losses in Venezuela and Iran persist as well as sporadic disturbances in Libya. under pressure from Trump to keep oil prices low, he probably will not want them to be too low at the same time, and if he replaces the lost volumes of Iran and Venezuela, the Global supplies will eventually be balanced, "said Hong Sungki, a commodities trader at NH Investment & Securities Co. in Seoul. "WTI will likely rise above $ 65 and Brent above $ 70 for a while, but as uncertainties remain over the US-China trade dispute, we will continue to have bearish pressures. "

The delivery, which expires on Friday, has traded at $ 69.65 a barrel on the New York Mercantile Exchange, up 19 cents, at 11:23 am in Seoul. Prices are down 1.9 percent this week, heading for a third weekly decline. The total volume traded was about 39 percent below the average of 100 days. September's most active contract fell 15 cents to $ 68.09

Brent for the September settlement slipped 4 cents, or 0.1%, to $ 72.54 on the ICE Futures Europe based in London. Thursday prices fell 32 cents to $ 72.58. The contract is down 3.7% this week. The global benchmark has been trading at a premium of $ 4.42 at WTI for the same month.