Oil Set for Weekly Decline as Saudis Restoring Lost Production
Friday, 27 September 2019 07:48 WIB | COMMODITY |MinyakWTIBrent

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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