Oil prices eased on Tuesday as weak manufacturing data from Europe and Japan focused market attention on the gloomy outlook for demand and away from uncertainty around supply disruptions in Saudi Arabia.
Brent crude futures LCOc1 fell 40 cents to 64.37 dollars a barrel, while U.S. West Texas Intermediate futures CLc1 were at 58.31 dollars, down 33 cents.
Still, oil prices remained at comparatively elevated levels for the year in the wake of the Sept. 14 attack on Saudi Arabia’s largest oil processing facility that halved output in the world’s top oil exporter.
Reuters reported that Saudi Arabia has restored more than 7 5 per cent of crude output lost after the attacks on its facilities and will return to full volumes by Sept. 30,
But the Wall Street Journal reported on Monday that
repairs at the plants could take months longer than anticipated.
