Reuters: Oil steps back on Saudi supply reassurance

09:00, 18 September 2019
Economy
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REUTERS

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.13 % while Japan's Nikkei was flat, Reuters said.

Read alsoReuters: Oil falls but prices still elevated after attacks on Saudi facilities

Wall Street shares ticked up a tad on Tuesday with the S&P 500 gaining 0.26%.

Brent crude futures dipped 0.1% to $64.50 a barrel, having conceded more than 60% of their gains made after the weekend attack on Saudi oil facilities.

U.S. West Texas Intermediate (WTI) crude lost 0.5% to $59.06 per barrel, compared to four-month peak of $68.38 marked on Monday.

Saudi Energy Minister Prince Abdulaziz bin on Tuesday Salman sought to reassure markets, saying the kingdom would restore its lost oil production by month-end having recovered supplies to customers to the levels they were prior to weekend attacks.

Still, heightened geopolitical tensions underpinned oil as well as some safe-haven assets such as U.S. bonds.

A U.S. official told Reuters on Tuesday the United States believes the attacks originated in southwestern Iran, an assessment that could further increase the rivalry between Tehran and Riyadh.

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