Reuters: Oil steps back on Saudi supply reassurance
Oil prices cooled on Wednesday as Saudi Arabia said full oil production would be restored by month's end while caution ahead of an expected U.S. interest rate cut kept wider financial markets in tight ranges.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.13 % while Japan's Nikkei was flat, Reuters said.
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.