Oil Stable On Saudi Supply Restoration
Oil stabilized near $64 a barrel on Monday, after gaining nearly 7% last week, due to prospects of a faster-than-expected full restoration of Saudi oil output and pressured by fresh signs of European economic weakness.
A source, briefed on the latest developments in the Sept. 14 attack on Saudi oil facilities, told Reuters Saudi Arabia had restored around 75% of crude production lost.
Global benchmark was up 12 cents at $64.40 a barrel by 1320 GMT, having risen as high as $65.50 earlier on Monday. U.S. West Texas Intermediate was up 18 cents at $58.27.
A survey showing euro zone business growth stalled this month, dragged down by shrinking activity in Germany where a manufacturing recession deepened unexpectedly, also weighed on oil and other markets, such as equities.
“Oil prices are tracking European markets lower … understandably knocked by the woeful manufacturing data from the bloc and the implications for global growth and demand,” said Craig Erlam, analyst at OANDA.
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WTI for Sept. 23, 2019.
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