Oil: Prices Slip As Focus Shifts From Saudi Supply To Global Demand Concerns - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (F.BA)
September 24, 2019
Oil prices eased on Tuesday as weak manufacturingdata from Europe and Japan focused market attention on the gloomy outlook fordemand and away from uncertainty around supply disruptions in Saudi Arabia.
Brent crude futures LCOc1 fell 40 cents to 64.37dollars a barrel, while U.S. West Texas Intermediate futures CLc1 were at 58.31dollars, down 33 cents.
Still, oil prices remained at comparatively elevatedlevels for the year in the wake of the Sept. 14 attack on Saudi Arabia’slargest oil processing facility that halved output in the world’s top oilexporter.
Reuters reported that Saudi Arabia has restored morethan 7 5 per cent of crude output lost after the attacks on its facilities andwill return to full volumes by Sept. 30,
But the Wall Street Journal reported on Monday thatrepairs at the plants could take months longer than anticipated.