Brent crude oil futures ended the session down 95 cents, or 1.5%, at US$63.60 a barrel while U.S. West Texas Intermediate (WTI) crude futures settled $1.23, or 2.1% lower, at $58.11
NEW YORK: Oil prices retreated about 2% on Wednesday, extending the previous day's declines after Saudi Arabia said it would quickly restore full production following last weekend's attacks on its facilities and as U.S. crude stockpiles rose unexpectedly.
Tension in the Middle East remained elevated, however, after the Saudi Defence Ministry held a news conference, displaying drone and missile debris it said was "undeniable" evidence of Iranian aggression. U.S. President Donald Trump on Wednesday said he ordered a major increase in sanctions on Iran in the latest U.S. move to pressure Tehran.
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