Oil Tumbles 5% on Report Saudi Output Might Rebound Quickly

Oil Tumbles 5% on Report Saudi Output Might Rebound Quickly

Investing.com  | Sep 17, 2019 17:23

Oil Tumbles 5% on Report Saudi Output Might Rebound Quickly

Investing.com - Oil prices sank about 5% Tuesday, a day after rallying almost three times as much, as traders pounced on a Reuters report that Saudi Arabia was close to restoring 70% of the production lost from the attack on its oil facilities.

The U.S. West Texas Intermediate and U.K. Brent crude benchmarks slid about $3 a barrel each, Traders struggled to get an idea of the global crude supply situation in the absence of official updates by Saudi authorities.

Saudi Energy Minister Abdulaziz bin Salman is scheduled to give his first media briefing on the matter at 1:00 PM ET (17:00 GMT).

WTI was down $3.01, or 4.8%, at $59.67 per barrel by 12:00 PM ET. It jumped 14.8% on Monday.

Brent, fell $3.46, or 4.9%, to $65.56 after settling up 14.6% in the previous session.

Riyadh lost 5.7 million barrels per day from the Saturday attacks that have halted about 5% of world supply. The Reuters report, which drove the market lower on Tuesday, cited a "top Saudi source” as saying the kingdom’s oil output will be back online in two to three weeks.

“The official did not address how this might not happen again,” Phil Flynn, analyst at the Price Futures Group in Chicago said.

Related News

Latest comments

Add a Comment
Please wait a minute before you try to comment again.
David Hawley
David Hawley

If the attack knocked 5% off world supplies of oil, then why are we worried if the world has enough oil in reserve to compensate? It means we were producing 5% too much in the first place! And if we were producing more oil than we needed why did the price go up when even with a 5% reduction we are still producing enough? Fear!! Money men make money out of fear.  ... (Read More)

Sep 17, 2019 23:48 GMT· Reply
Shax Rashid
Shax Rashid

haha this is a JOKE!!  ... (Read More)

Sep 17, 2019 20:17 GMT· Reply
Write a reply...
Please wait a minute before you try to comment again.

Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

English (USA) English (India) English (Canada) English (Australia) English (South Africa) English (Philippines) English (Nigeria) Deutsch Español (España) Español (México) Français Italiano Nederlands Português (Portugal) Polski Português (Brasil) Русский Türkçe ‏العربية‏ Ελληνικά Svenska Suomi עברית 日本語 한국어 简体中文 繁體中文 Bahasa Indonesia Bahasa Melayu ไทย Tiếng Việt हिंदी
Sign out
Are you sure you want to sign out?
Saving Changes


Download the App

More markets insights, more alerts, more ways to customize assets watchlists only on the App

Investing.com is better on the App!

More content, faster quotes and charts, and a smoother experience is available only on the App.