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Saudi Arabian Energy Minister Khalid al-Falih was out on the wires in the last hour, saying that fundamentals aren’t behind the recent upsurge in oil prices though geopolitics is feeding the ‘market frenzy’.

Additional quotes:

   “¢   Some will argue that the oil market is oversupplied.
   “¢   Saudi exports to the US are rising significantly.
   “¢   Saudi has a spare capacity of 1.3 million bpd.