Oil futures drifted lower in Asian trading Tuesday as traders weigh conflicting reports on how quickly Saudi Arabia will be able to restore its lost production, while soft economic data clouds the outlook for global demand.

Futures in New York were 0.5% lower, after rising 1% on Monday. Saudi Arabia, which has reiterated it will bring back all lost output by the end of September following attacks on its oil facilities, is on course to fulfill the promise, according to Reuters. That comes after the Wall Street Journal over the weekend said repairs at damaged plants may take “many months.” Meanwhile, concerns over waning demand returned after a key European manufacturing index had its worst slump since the financial crisis.

WTI for November delivery fell 30 cents to $58.34 a barrel on the New York Mercantile Exchange as at 8:20 a.m. Sydney time. November WTI gained 55 cents to settle at $58.64 a barrel on Monday.

Brent crude for November rose 49 cents to settle at $64.77 a barrel on the ICE Futures Europe Exchange.

Source : Bloomberg