Saudi energy minister: Fundamentals aren't behind the recent oil price surge

Saudi Arabian Energy Minister Khalid al-Falih was out on the wires in the last hour, saying that fundamentals aren't behind the recent upsurge in oil prices though geopolitics is feeding the 'market frenzy'.

Additional quotes:

   •  Some will argue that the oil market is oversupplied.
   •  Saudi exports to the US are rising significantly.
   •  Saudi has a spare capacity of 1.3 million bpd.