Oil prices drop 5 percent as analysts expect Saudi production to recover sooner than expected after drone attacks
Workers refuel a tank at a fuel station in Jeddah, Saudi Arabia. US President Donald Trump declared on Monday that it"looks" like Iran was behind the explosive attack on Saudi Arabian oil facilities. September 17, 2019.
Traders were nervously awaiting further US response after it said Iran was likely to blame. The crisis revived fears of a conflict in the tinderbox Gulf region and raised questions about the security of crude fields in the world's top exporter Saudi Arabia as well as other producers. The average national gasoline price jumped 3 cents to $2.59 per gallon on Tuesday, AAA said on its website. On Monday, the motor club said the price was $2.56.The attack has also taken attention away from the upcoming trade talks between China and the US on Thursday, as well as a much-anticipated policy meeting of the Federal Reserve.
MSCI's All-Country World Index, which tracks shares across 47 countries, was down 0.1 percent on the day. US West Texas Intermediate futures were down 1.70 percent to $61.85 per barrel following a 14.7 percent surge on Monday, the biggest one-day gain since December 2008. "Although Saudi Arabia's spare capacity and US Strategic Petroleum Reserves could plug some of the lost output, where oil trades in the near term will be influenced by how long it takes for Saudi production to fully recover," said Lukman Otunuga, research analyst at FXTM.
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