Research Team at BBH, notes that the Saudi Foreign Minister said it isn’t ready to cut oil output. Key Quotes “This supports our view that the markets had gotten overly bullish about potential output cuts. We think the Saudi news was the biggest factor behind the plunge in oil Thursday, not the DOE data (which we think was bullish for oil). In that regard, inventories rose 2.15 mln barrels vs. the expected 2.87 mln. The y/y comparison dropped to 18.4% from 20.1% the previous week and this is the lowest since mid-February 2015. Furthermore, implied crude demand rose and is up 10% y/y while US crude production fell and is down -2% y/y.” For more information, read our latest forex news.