Monday, 23 September 2019 07:27 WIB |
Oil rose sharply in early Monday trading in Asia following a report that full repairs to Saudi oil fields hit by a drone attack earlier this month may take many months.
Brent crude rose 1.1% after surging 6.7% last week, its largest weekly gain since January. Saudi Aramco on Saturday reaffirmed its commitment to bringing 5.7 million barrels a day of lost output back by the end of the month, however, a Wall Street Journal report Sunday quoted a Saudi official saying the situation is not œas rosy as you might think.
Tensions remain high in the region, with the U.S. on Friday announcing sanctions against Iran™s central bank in retaliation for the attack that crippled Saudi Arabian oil production.
Brent crude for November rose 77 cents to $65.05 a barrel on the ICE Futures Europe Exchange as at 8:16 a.m. Sydney time. November Brent settled down 12 cents to end Friday at $64.28 a barrel.
West Texas intermediate for November delivery was up 75 cents at $58.84 a barrel on the New York Mercantile Exchange.
Source : Bloomberg