Reuters: Oil prices edge up after turbulent week as Saudi Arabia reassures on output
Oil prices edged higher in Asian trade on Thursday after days of turbulence, with markets soothed by Saudi Arabia's pledge to restore full production by end-September at facilities knocked out in drone and missile attacks last weekend.
Brent crude futures LCOc1 rose 8 cents to $63.68 a barrel by 0507 GMT while U.S. West Texas Intermediate (WTI) crude CLc1 was up 14 cents to $58.25 a barrel, Reuters said.
The steadying of nerves, after a 14.6% jump in Brent prices on Monday - the contract's biggest one-day percentage gain since at least 1988 - came after Saudi Arabia set out the timeline to full operation, and also said it had managed to restore supplies to customers at levels prior to the attacks by drawing from its oil inventories.
Saudi Arabia, the world's leading oil exporter, has said the crippling attack on its oil sites was "unquestionably sponsored" by bitter regional rival Iran. U.S. President Donald Trump said there were many options short of war with Iran and added that he had ordered the U.S. Treasury to "substantially increase sanctions" on Tehran. Iran has denied involvement in the strikes.
Still, the head of the International Energy Agency said on Wednesday it does not see a need to release emergency oil stocks as markets are well supplied.