SINGAPORE: Oil held its decline from the dramatic spike earlier in the week as supply assurances from Saudi Arabia and the International Energy Agency calmed the market after the devastating weekend attacks.
Futures in New York edged higher after paring around half of Monday’s 15% surge over the last two days. The damaged Abqaiq oil facility is now operating at around 40% of its pre-attack levels and output should be fully restored by the end of the month, according to Saudi Aramco chief executive officer Amin Nasser.