West Texas crude -1.4% to $96.56/bbl after Saudi Arabia's oil minister says crude prices are...

|By:, SA News Editor

West Texas crude -1.4% to $96.56/bbl after Saudi Arabia's oil minister says crude prices are still too high. Saudi is storing as much as 80M barrels and has 2.5M bpd of spare capacity, Ali al-Naimi says; the kingdom is pumping 10M bpd, near the fastest rate in at least 31 years. Energy stocks (XLE -1.3%), a drag in recent sessions, are down again.