Oil Stable On Saudi Supply Restoration

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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.

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

WTI for Sept. 23, 2019.

WTI for Sept. 23, 2019.

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Source: Investing.com Canada

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