Oil rose amid doubts about the speed of Saudi Arabia’s recovery from the weekend's attack on its facilities that knocked out a large chunk of its production.
Futures gained 2.1% in New York after paring around half of Monday's 15% surge over the past two days. The Saudis asked Iraq's national oil company for as much as 20 million barrels of crude to supply its domestic refineries, Dow Jones reported. The kingdom’s damaged Abqaiq oil facility is operating at around 40% of its pre-attack levels and output should be fully restored by the end of the month, according to Saudi Aramco Chief Executive Officer Amin Nasser.
West Texas Intermediate crude for October delivery rose $1.20 to $59.31 a barrel on the New York Mercantile Exchange as of 11:32 a.m. in London. It dropped 2.1% on Wednesday following Tuesday's 5.7% decline.
Brent for November settlement added $1.70 to $65.30 a barrel on the ICE (NYSE:ICE) Futures Europe Exchange after falling 1.5% on Wednesday. The global benchmark crude traded at a $6.07 premium to WTI for the same month.
Source : Bloomberg