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Oil prices drop after previous rise

17.09.2019,09:51


September 17, Fineko/abc.az. Reference oil prices are falling during trading on Tuesday after the previous record growth caused by attacks on oil infrastructure in Saudi Arabia.

As a result of trading on September 16 at the London ICE Futures exchange, the cost of the November Brent crude futures soared by $8.80 (14.61%), to $69.02 per barrel. On Tuesday, at 9:20, the November Brent futures fell $0.65 (0.94%) to $68.37 per barrel.

As a result of trading on September 16 at the New York Mercantile Exchange (NYMEX), October WTI oil futures rose in price by $8.05 (14.68%), to $ 62.90 per barrel. On Tuesday, at 9:20 the price of the October WTI oil futures fell by $0.86 (1.37%), to $62.04 per barrel.

As a result of the UAV attack on oil facilities in Saudi Arabia, oil production was suspended in the amount of 5.7 million barrels per day (b/c), that is, about half of the total volume produced in the country, or almost 6% of world oil production.

State-owned oil company Saudi Aramco expects a partial recovery in production in the near future, but full-scale resumption of work at the field may happen no earlier than the end of the year, Citigroup analysts said.