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Oil price drops on hopes for quick recovery of Saudi output

3 years 6 months 1 week ago Wednesday, September 18 2019 Sep 18, 2019 September 18, 2019 5:56 AM September 18, 2019 in News
Source: Associated Press

LONDON (AP) - The price of oil is falling back further after the Saudi government said half of the production that was knocked out by an attack over the weekend had already had been restored.

Benchmark U.S. crude was down 42 cents to $58.92 per barrel in electronic trading Wednesday. The contract fell $3.56 on Tuesday. Brent crude, the international benchmark, fell 27 cents to $64.28 per barrel in London, having dropped $4.47 the previous session.

The attack on oil producer Saudi Aramco's processing facility in Abqaiq saw crude surge more than 14 percent on Monday, about as much as it did when Iraq invaded Kuwait before the 1991 Gulf War. The attack led to a 5 percent drop in global output, but Saudi Arabia said it would be restored by the end of the month.

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