Could have sworn this would go under 40c this week, think I said...

Could have sworn this would go under 40c this week, think I said as much last Friday. Looks like the threat is behind us.

Seems we’ve seen the floor on Brent too then, Sauds got cold feet already...

Setback for Trump: Saudi Arabia won't export much more oil this month, official says

• Saudi Arabia's oil exports will be little changed in July
• Saudi crude oil exports are poised to drop by 100,000 bpd in August compared with July

"This sell-off from the highs probably spooked them a little bit, and they're scratching their heads trying to figure out what to do next. They're trying to be a little bit more measured," Kilduff said.

"I don't think they wanted to overshoot to the downside, and that's what this commentary speaks to."

Helima Croft, global head of commodity strategy at RBC Capital Markets, also said the Saudis could be trying to put a floor under international oil prices

Oil market analysts have questioned whether Saudi Arabia, Russia and a handful of producers with spare capacity can put enough barrels on the market to compensate for the loss of Iranian exports.

"I think underlying all this, the market might be thinking that Saudi Arabia doesn't have as much spare capacity as they've been led on to believe." said Andrew Lipow, president of Lipow Oil Associates.

https://www.cnbc.com/2018/07/19/set...bia-wont-pump-much-more-oil-this-month-o.html