IEA's Birol: Market remains well supplied with ample stocks

Commenting on the situation in Saudi Arabia, International Energy Agency (IEA) Executive Director Faith Birol said that they welcome the Saudi energy minister's statement on bringing production back online and added that they were ready to take any actions if necessary. 

"The market remains well supplied with ample stocks," Birol said. "Stocks are more than enough to offset significant supply disruption."

Crude oil prices edged lower on these comments and the barrel of West Texas Intermediate was last down 0.9% on the day at $58.20.