Crude oil prices recover after OPEC oil output sinks to lowest
NEW DELHI : After recovering today, crude oil prices are likely to remain steady. Oil rates are supported by reports that production at the world's largest oil producers fell during the third quarter.
December Brent crude futures rose 51 cents, or 0.86% to $59.76 a barrel by 0426 GMT, while U.S. West Texas Intermediate (WTI) crude for November was up 52 cents, or 0.96%, at $54.59 a barrel.
Brent has averaged $64.72 a barrel so far this year, while WTI has averaged $58.13, Reuters said.
Crude is now back to where it was before the attacks on key Saudi Arabian oil fields and the recovery in output whipsawed prices last month, with investor focus shifting back to the trade war and global growth.
Saudi Aramco has now fully recovered from the worst-ever attacks on its energy infrastructure. It is now producing more than 9.9 million barrels a day of crude.
In the meantime, a Reuters survey showed that OPEC oil output has fallen to an eight-year low in September after attacks on Saudi oil plants cut production, deepening the impact of a supply pact and US sanctions on Iran and Venezuela.
The Sept. 14 attacks on two Saudi oil plants shut down 5.7 million bpd of production and sent crude prices up 20% to $72 a barrel on Sept. 16. The price has since fallen to $61, near levels before the Saudi attack, pressured by a rapid production restart and concern about slowing demand.