Oil little changed after Saudi says Supply is sufficient

Jan. 26 (Bloomberg) -- Crude oil was little changed near a one-week low in New York as the Saudi Arabian oil minister said global supply was ``more than sufficient'' to meet demand.
Oil Minister Ali al-Naimi, who sets policy in the world's largest exporter, told reporters that global oil inventories are rising and the market is ``in good shape.'' Prices last week rose to the highest since September on concern a dispute over Iran's nuclear research program and attacks on oil facilities in Nigeria may threaten supply.
``The Saudis want to calm market fears that supply is insufficient,'' said Dariusz Kowalczyk, senior investment strategist at CFC Seymour Ltd. in Hong Kong. ``They think that prices are pretty high and they're telling people they think there's enough oil around.''
Oil for March delivery traded at $65.98 a barrel, up 13 cents, in electronic trading on the New York Mercantile Exchange at 2:01 p.m. Singapore time. Earlier, it traded at $65.31, the lowest since Jan. 19.
Yesterday the contract fell $1.21, or 1.8 percent, to close at $65.85 a barrel after U.S. fuel inventories rose for a fourth straight week.
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