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Oil Gains More Than 1% On Saudi Supply Doubts, Mideast Tensions


Monday, 23 September 2019 13:22 WIB

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Oil prices rose more than 1% on Monday on doubts over how fast Saudi Arabia can bring back its full crude output after an attack earlier this month on its largest processing facility and as tensions in the Middle East remained at high levels.

Brent crude futures (LCOc1) increased to as much as $65.50 a barrel. The front-month contract was at $64.98, up 70 cents, or 1.09% at 05:29 GMT.

U.S. West Texas Intermediate (WTI) crude futures (CLc1) were at $58.71 a barrel, up 62 cents, or 1.07%, after earlier hitting a high of $59.39.

Despite efforts by top oil exporter Saudi Arabia to reassure global markets it can resume full production by the end of this month after an attack on its largest oil processing facility in mid-September, buyers and traders remained skeptical. The attack knocked out half of the kingdom's oil production.

State oil company Saudi Aramco has switched crude grades and pushed back crude and refined product deliveries to customers by days following the attack.

Source : Reuters


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