It wasn't lost on investors that Saudi Arabia had bullish things to say about oil prices Wednesday, just as it launched its first-ever international bond deal.
The whopping $17.5 billion three-tranche offering Wednesday benefited from strong demand and came in well above the initial expected range of $10 to $15 billion. It priced better than initial market talk indicated and was heavily oversubscribed, with total book orders of about $67 billion.
The deal also priced Wednesday afternoon as oil surged more than 2.5 percent, helped by a big drop in U.S. supply but also bullish comments from Saudi Arabia's oil minister, who said the long decline in oil prices was nearing an end.
Further helping crude were optimistic comments from OPEC's secretary general about the prospects of a production deal in late November.