Oil prices rise as Saudi supply risks come into focus

WASHINGTON - 19 September 2019: Oil prices rose sharply on Thursday, supported by supply risks brought about by last weekend’s drone attacks on Saudi oil infrastructure and a cut in U.S. interest rates, CNBC channel reported.

Brent crude futures gained $1.44 to $65.04 a barrel by 0958 GMT, while U.S. West Texas Intermediate crude was up 89 cents at $59 a barrel.

Earlier this week Saudi Arabia set out a timeline for a resumption of full operations, saying it had restored supplies to customers at levels prior to the attacks by drawing from its oil inventories.

But it said it would restore its lost production by the end of this month, and bring its output capacity back to 12 million barrels per day by the end of November.

Saudi Arabia, the world’s leading oil exporter, has said the crippling attack on its oil sites was “unquestionably sponsored” by regional rival Iran.