Oil price down amid production restoration in Saudi Arabia

Posted 24 September, 2019

Oil prices have weakened during the Tuesday trading session. The decline is said to be driven by the reports that oil production in Saudi Arabia keeps recovering after the last-week attack.

According to the market data, November Brent futures on London's ICE Futures dropped to some $64.17/bbl. At the same time, the prices hiked to $67.77/bbl yesterday.
November futures for WTI brand were priced on NYMEX at $58.20/bbl ($58.64/bbl earlier).

The media reported that Saudi oil facilities managed to restore some operations after the suspension of the production due to the attack of the drone fleet.

The market experts believe that insiders are likely to keep monitoring the situation in the country and the risks existing in the Middle East. 

Notably, some concerns can appear after the release of weak manufacturing and services PMI in Europe. Specifically, low figures can affect demand for oil, so the price can plunge more.

In the USA, the US Energy Department will unveil weekly report for commercial oil reserves. The survey showed that the volumes dropped by 190,000/bbl over the last week. Thus, the decline will be seen for the fifth week in a row if the forecasts come true.

For reference, Saudi Arabia's major oil production facilities were attacked by drones last week. As a result, the country's oil output practically halved after that.

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