Oil prices rose more than 1% on Monday on doubts over how fast Saudi Arabia can ...
SINGAPORE - Oil prices rose more than 1% on Monday on doubts over how fast Saudi Arabia can bring back its full crude output after an attack earlier this month on its largest processing facility and as tensions in the Middle East remained at high levels.
U.S. West Texas Intermediate crude futures CLc1 were at $58.71 a barrel, up 62 cents, or 1.07%, after earlier hitting a high of $59.39. “The fund community faded the attack last week on the assumption that supply would return very quickly, but the reality is likely to be different,” said Virendra Chauhan, an Energy Aspects analyst in Singapore.
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