Oil Futures Briefly Pare Gains After Saudi Comments

Oil futures briefly pared gains ahead of the session's conclusion on Thursday. Reuters reported that Saudi Energy Minister Khalid al-Falih told the news agency in an interview that he does not believe any significant intervention in the oil market is necessary. His reported comments come ahead of an informal meeting of the Organization of the Petroleum Exporting Countries late next month, during which major oil producers are expected to discuss a potential production freeze. Oil "saw a dip after the headlines, but his words were measured," said Phil Flynn, senior market analyst at Price Futures Group. The market may believe that the talk will "allow for some latitude," Flynn said. October WTI crude was last up 22 cents, or 0.5%, to trade at $46.99 a barrel on the New York Mercantile Exchange after a dip to a low around $46.84 following the Reuters report.