Oil approached price level $70 a barrel after Saudi Arabia announced that it is not going to export volumes exceeding client's needs, chasing away fears of oil flooding to the market, Reuters informs.

Export from the country, which is OPEC's leader and experienced pressure on behalf of US President recently, will be approximately at June's level this month and will drop by 100000 barrels a day in August.

As a result price fall this month is 6% so far. Price of American oil closed on Thursday above 50-day moving average, after it fell below this level in the beginning of this week. 

WTI oil with August delivery was traded at $69,75 a barrel. It fell by 1,8% this week and close to show three weeks of decline. Brent oil price grew to $72,58 a barrel. This week it lost 3,6%. Shanghai futures gained 1,2% to cost 491,7 yuan.

In the future unsolved trade conflict between the US and China will continue puuting downward pressure on prices, experts think.