Oil prices edge up after turbulent week as Saudi Arabia reassures on output
[DAWN] Oil prices edged higher in Asian trade on Thursday after days of turbulence, with markets soothed by Saudi Arabia’s pledge to restore full production by end-September at facilities knocked out in drone and missile attacks last weekend.
Brent crude futures LCOc1 rose 24 cents to $63.84 a barrel by 0634 GMT, while US West Texas Intermediate (WTI) crude CLc1 was up 21 cents to $58.32 a barrel.
The steadying of nerves came after Saudi Arabia set out the timeline to resume full operations, and also said it had managed to restore supplies to customers at levels prior to the attacks by drawing from its oil inventories.
Brent prices had jumped 14.6% on Monday, the contract’s biggest one-day percentage gain since at least 1988.
Posted by: Fred 2019-09-20