Oil prices decline as supply shortage concerns ease
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E-mail Xinhua, September 18, 2019
Oil prices declined on Tuesday after news reports suggested Saudi Arabia will restore its output soon.
Saudi Energy Minister Abdulaziz bin Salman said Tuesday that oil supply will be fully restored by the end of September after attacks on the country's key oil facilities over the weekend disrupted its production, a news report from CNBC said.
Drone attacks were reported at dawn of Saturday with several explosions on Saudi Aramco plants in the east of the country, resulting in fires that were later controlled.
According to preliminary estimates, the explosions knocked out 5.7 million barrels of daily crude production. The amount accounts for more than half of the country's total output, or over 5 percent of the world's total.
The West Texas Intermediate for October delivery decreased 3.56 U.S. dollars to settle at 59.34 dollars a barrel on the New York Mercantile Exchange, and Brent crude for November delivery decreased 4.47 dollars to close at 64.55 dollars a barrel on the London ICE Futures Exchange.
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