(Bloomberg) -- Oil rose for a fourth day toward $70 a barrel after Saudi Arabia signaled it won’t push oil into the market beyond its customers’ needs, dispelling fears that it may flood the market.

Futures in New York added as much as 0.8 percent on Friday after gaining 2.1 percent in the previous three sessions. OPEC’s de facto leader Saudi Arabia, which has been under pressure from U.S. President Donald Trump to pump more and ease prices, said exports this month will be “roughly equal” to June, and they will drop by 100,000 barrels a day in August.

Crude has retreated by about 6 percent this month as the prospect of a tit-for-tat trade war between the U.S. and China rattled global financial markets. The U.S. oil benchmark closed above its 50-day moving average on Thursday after slipping below that level earlier this week, while worries over potential supply losses in Venezuela and Iran as well as sporadic disruptions in Libya linger.

“While Saudi Arabia is under pressure from Trump to keep oil prices low, it probably won’t like them to be too low at the same time, and if it replaces the lost volumes from Iran and Venezuela, overall supplies will eventually be balanced,” said Hong Sungki, a commodities trader at NH Investment & Securities Co. in Seoul. “WTI will likely be buoyed above $65 and Brent above $70 for a while, but as uncertainties remain over the trade dispute between the U.S. and China, we’ll continue to have some downward pressure.”

West Texas Intermediate crude for August delivery, which expires Friday, traded at $69.65 a barrel on the New York Mercantile Exchange, up 19 cents, at 11:23 a.m. in Seoul. Prices are down 1.9 percent this week, heading for a third weekly decline. Total volume traded was about 39 percent below the 100-day average. The more-active September contract dropped 15 cents to $68.09.

Brent for September settlement slipped 4 cents, or 0.1 percent, to $72.54 on the London-based ICE Futures Europe exchange. Prices on Thursday dropped 32 cents to $72.58. The contract is down 3.7 percent this week. The global benchmark traded at a $4.42 premium to WTI for the same month.

To contact the reporters on this story: Tsuyoshi Inajima in Tokyo at tinajima@bloomberg.net;Heesu Lee in Seoul at hlee425@bloomberg.net

To contact the editors responsible for this story: Pratish Narayanan at pnarayanan9@bloomberg.net, Anna Kitanaka, Ovais Subhani

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