Oil stabilizes as Saudi output restoration calms market fears
https://www.chron.com/business/energy/article/Oil-Extends-Drop-as-Saudi-Output-Restoration-14448738.phpSeptember 18, 2019
Oil stabilized on signs Saudi Arabia is quickly restoring production following a debilitating weekend attack, after two tumultuous days in which it surged the most on record and then pared almost half of that gain.
Brent slid on Wednesday, having tumbled the previous day as Saudi Aramco said it had revived 41% of capacity at a key crude-processing complex days after a devastating aerial attack that wrecked vital equipment and rocked world energy markets. The global crude benchmark was back to about $64 a barrel after jumping to near $72 in reaction to the disruptions.
The Aramco announcement followed conflicting media reports about the pace and probable duration of the state-owned company’s efforts to repair the damaged Abqaiq facility. Despite the kingdom’s reassurances at a media briefing in Jeddah, crude remained around 6% higher than the pre-attack price....