With a crude oil close to US $ 70, Saudis promises to avoid the oversupply

Crude oil fell by nearly 6% this month in a US trade war. and China disrupted global financial markets

Oil rose its rises to about US $ 70 a barrel in New York, reducing a third weekly decline , after Saudi Arabia said it would not flood the oil market.

See also: Iran calls on OPEC to maintain its oil production limits

West Texas Intermediate futures advance 0.4%, causing this week's fall to 1 , 8%. Saudi Arabia, the de facto leader of OPEC, under pressure from US President Donald Trump to produce higher and moderate prices, said he would maintain stable exports this month and reduce them by 100,000 barrels a day in August.

"Apparently, the Saudis were worried about the sudden change in bullish-bear market sentiment and wanted to set a limit around current levels," said Giovanni Staunovo, an badyst at UBS Group AG in Zurich.

Crude oil it fell by nearly 6% this month in a US trade war. and China has disrupted global financial markets. The fall was favored by the fact that Libya restored interrupted production and the US. He said that he could show some flexibility in the sanctions on Iranian oil, which raised fears that the extra oil promised by Saudi Arabia is not yet needed.

A barrel of crude West Texas Intermediate for August delivery, which expires on Friday, it climbed 1% to $ 70.14 on the New York Mercantile Exchange, Nymex, and to $ 69.74 to 10: 13 in London. The total negotiated volume was about 32% lower than the average of 100 days. The most active September contract rose 0.3% to US $ 68.42

The US benchmark petroleum species closed Thursday above the 50-day moving average after falling below this level previous days. Week

Brent for liquidation in September added 58 cents to $ 73.26 on the London-based ICE Futures Europe stock market, after falling 32 cents on Thursday. The contract fell 2.7% this week. The world reference variety was traded at a premium of US $ 4.79 compared to WTI for the same month.

The futures for September rose 1.5% to 493.4 yuan a barrel on the Shanghai International Energy Exchange, after rising 1.4% in the last two sessions .

Saudi Arabia's promise to stabilize crude exports from June to July and reduce them in August follows last month's agreement between OPEC and partners, including Russia, to increase production by 1 million barrels a day. The kingdom's engagement is at odds with the signals it gave shortly after the OPEC meeting last month, when people informed of its production policy announced that it was not possible for the government to take action. they forecast a record production of 10.8 million barrels per day.

Saudis are not sure if more oil needs to be pumped

Last month, the kingdom's oil production has risen more than ever in three years, while Trump needs more oil. help its ally to cool gas prices and cover the supply shortage that will create their sanctions against Iran. However, the Saudis are struggling to sell this extra amount of oil as they expected and express their concern privately if they opened the taps too early, according to people informed by Riyadh in recent days.

"Saudi Arabia and Several Other Members OPEC exports rose sharply before sanctions against Iran, and the temporary mismatch between these effects puts pressure on oil prices" said Martijn Rats, CEO of Morgan Stanley in London.

: Oil drops as production fears dissipate

An infrequent public statement by the Saudi Energy Ministry released on Thursday could be seen as an example of its concern. In it, fears of the kingdom's willingness to overtax world markets were dismissed as "unfounded". Exports would be stable this month and fall in August, he said.