Oil prices reverse following Monday leap

Posted 17 September, 2019

After witnessing a record price leap yesterday, the oil market has posted some weakening on Tuesday. 

According to the market data, benchmarks quotes are sliding now. November Brent futures on London ICE Futures have reportedly decreased in price to $68.30/bbl ($69/bbl yesterday). For now, prices have somewhat improved to some $68.60/bbl.

Prices for October WTI futures on NYMEX have dropped to $61.90/bbl. ($62.90/bbl earlier).

For reference, the market was hit by the reports about attacks on the major oil production facilities in Saudi Arabia over the past weekend. The fleet of 10 drones assaulted facilities located in Abqaiq and Khurais oil fields. As a result, oil production in Saudi Arabia dropped by 5.7 million bbl per day (50% of the country's total output).

The market analysts stated that Saudi Aramco, the national oil company, expects that oil production will partly recover soon, though the facilities are unlikely to resume 100% operations till the end of 2019.
The company is rumoured to take measures aimed at restoration of the production at inactive offshore fields and use oil from reserves. The experts stated that Saudi Arabia has oil stocks for export shipments within 26 days.

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