Oil fell as traders weighed conflicting reports on whether Saudi Arabia will succeed in restoring its lost production by the end of this month, while concerns over demand returned following gloomy European data.
Brent crude fell 0.5%, reversing earlier gains. Saudi Arabia, which has reiterated it will bring back all lost production following this month’s attack on its oil facilities by the end of September, is on course to fulfill the promise, Reuters reported. Earlier, the Wall Street Journal said repairs at damaged plants may take many months, and consultants Rystad Energy and FGE are skeptical about the kingdom achieving its target.
Brent crude for November declined 30 cents to $63.98 a barrel on the ICE Futures Europe Exchange as of 11:48 a.m. in London, and traded at a $6.24 premium to West Texas Intermediate.
WTI for November delivery lost 32 cents, or 0.6%, to $57.77 a barrel on the New York Mercantile Exchange, after climbing 5.9% last week.
Source : Bloomberg