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Oil Prices Slip on Saudi Supply Reassurance

Oil Prices Slip on Saudi Supply Reassurance

Wednesday, 18 September, 2019 - 06:45

Oil prices cooled on Wednesday as Saudi Arabia said full oil production would be restored by month's end.

Brent crude futures dipped 0.26 percent to $64.38 a barrel, having conceded about 65 percent of their gains made after the attack on Saudi Aramco’s oil facilities.

US West Texas Intermediate (WTI) crude lost 0.5 percent to $59.06 per barrel, paring back around half of its gains after Saturday's attack.

Saudi Energy Minister Prince Abdulaziz bin Salman on Tuesday sought to reassure markets, saying the Kingdom would restore its lost oil production by month-end having recovered supplies to customers to the levels they were prior to attacks.

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