Oil prices settle after turbulent week as Saudi Arabia reassures on output

Oil prices edged higher in early Asian trade on Thursday after days of turbulenc...

SINGAPORE - Oil prices edged higher in early Asian trade on Thursday after days of turbulence, with markets soothed by Saudi Arabia’s pledge to restore full production by end-September at facilities knocked out in drone and missile attacks last weekend.

The steadying of nerves, after a 2% drop on Wednesday and a 14% plunge on Monday, came after Saudi Arabia set out the timeline to full operation and also said it had managed to restore supplies to customers at levels prior to the attacks by drawing from its oil inventories. Meanwhile oil analytics firm Kayrros estimated Saudi Arabia lost about 3.4 million barrels per day of oil output after crude oil inventories plunged nearly 10 million barrels as of Sept. 16 compared with pre-attack levels.

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