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Oil Set for Weekly Decline as Saudis Restoring Lost Production


Friday, 27 September 2019 07:48 WIB

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Oil is on track for a weekly decline of nearly 3% on signs that Saudi Arabia is swiftly restoring production lost after a drone attack earlier this month that shut down half the country’s output.

Futures in New York were up 0.1%, after easing 0.1% in Thursday’s session. Prices recovered after the U.S. announced it would send air defense systems and troops to Saudi Arabia following the attack on the country’s oil production facilities that has been blamed on Iran. Any military response risks destabilizing a region that is home to some of the world’s largest oil producers.

Oil prices dipped earlier on news that Saudi Arabia is recovering more quicklythan expected from the aerial assaults to its infrastructure. State-owned Saudi Aramco is a week ahead of its repair schedule after the attacks more than a week ago, and have lifted daily output above 8 million barrels, according to people with knowledge of the matter.

West Texas Intermediate for November delivery rose 8 cents to $56.49 a barrel on the New York Mercantile Exchange as at 8:20 a.m. Sydney time. November WTI settled Friday down 8 cents at $56.41 a barrel.

Brent for the same month rose 35 cents to close Thursday at $62.74 on the ICE Futures Europe Exchange.

Source : Bloomberg


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