SEOUL: Oil is heading for the biggest weekly loss since July on indications Saudi Arabia is restoring lost crude production quicker-than-expected after attacks on its key energy infrastructure.
Futures slid as much as 0.6% in New York on Friday. The kingdom is about a week ahead of its repair schedule and is pumping more than 8 million barrels a day, according to people familiar with the matter.
Further price losses may be capped by the prospect of escalating tension in the Middle East. The U.S. said it will send an additional Patriot missile battery and 200 more personnel to Saudi Arabia, extending the region’s air defense in the wake of the Sept. 14 assault.
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