"U.S. oil stocks are swelling due to an upswing in crude inventories ... the glut alarm bells are ringing louder in the U.S.," PVM Oil Associates strategist Stephen Brennock said.
Oil markets have already tightened this year due to supply cuts led by the Organization of the Petroleum Exporting Countries as well as U.S. sanctions on Venezuela and Iran. "The Iran sanctions come on top of already fragile supplies and raise concerns about tightening markets," said Norbert Ruecker, head of research at Swiss bank Julius Baer.
"Recent comments from al-Falih confirm our view that the kingdom will respond cautiously with other oil producers and not pre-emptively ramp up production," said Giovanni Staunovo, analyst at UBS in Zurich.
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