Economy News - Baghdad:
NEW YORK (Reuters) - Oil prices rose in Asian trade on Thursday after days of turmoil, easing markets thanks to Saudi Arabia's pledge to restore full production by the end of September at facilities damaged by drones and missiles over the weekend.
Brent crude futures rose 8 cents to $ 63.68 a barrel by 0507 GMT, while US West Texas Intermediate crude rose 14 cents to $ 58.25 a barrel.
The easing of concerns comes after a 14.6 percent jump in Brent prices on Monday - the biggest one-day percentage contract for crude since at least 1988 - after Saudi Arabia announced a full operational timetable, saying it was able to bring customer supplies back to pre-attack levels by withdrawing from Its oil stocks.
Saudi Arabia, the world's largest oil exporter, says the attack that paralyzed two of its oil sites was “irrefutable support” from its arch-regional rival Iran. US President Donald Trump said there were many options, the latest of which was war, adding that he had ordered the US Treasury to "intensify the sanctions" imposed on Tehran. Iran denies involvement.
"Prices may have found a equilibrium point for some time," said Michael McCarthy, chief market analyst at CMC Markets in Sydney. He said a rapid recovery in Saudi oil production would confirm the disruption was temporary.
Saudi oil company Kairos estimates that Saudi Arabia lost about 3.4 million barrels per day of production after crude inventories fell about 10 million barrels on September 16, compared with pre-attack levels.
Despite this, the director of the International Energy Agency said on Wednesday he saw no need to release emergency stocks because markets were receiving good supplies.economy-news.net/content.php?id=17803
NEW YORK (Reuters) - Oil prices rose in Asian trade on Thursday after days of turmoil, easing markets thanks to Saudi Arabia's pledge to restore full production by the end of September at facilities damaged by drones and missiles over the weekend.
Brent crude futures rose 8 cents to $ 63.68 a barrel by 0507 GMT, while US West Texas Intermediate crude rose 14 cents to $ 58.25 a barrel.
The easing of concerns comes after a 14.6 percent jump in Brent prices on Monday - the biggest one-day percentage contract for crude since at least 1988 - after Saudi Arabia announced a full operational timetable, saying it was able to bring customer supplies back to pre-attack levels by withdrawing from Its oil stocks.
Saudi Arabia, the world's largest oil exporter, says the attack that paralyzed two of its oil sites was “irrefutable support” from its arch-regional rival Iran. US President Donald Trump said there were many options, the latest of which was war, adding that he had ordered the US Treasury to "intensify the sanctions" imposed on Tehran. Iran denies involvement.
"Prices may have found a equilibrium point for some time," said Michael McCarthy, chief market analyst at CMC Markets in Sydney. He said a rapid recovery in Saudi oil production would confirm the disruption was temporary.
Saudi oil company Kairos estimates that Saudi Arabia lost about 3.4 million barrels per day of production after crude inventories fell about 10 million barrels on September 16, compared with pre-attack levels.
Despite this, the director of the International Energy Agency said on Wednesday he saw no need to release emergency stocks because markets were receiving good supplies.economy-news.net/content.php?id=17803