9/17, 4:00 PM (Source: TeleTrader)
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Oil drops on report Saudi output to return to normal

Oil prices dropped on Tuesday as investors digested reports suggesting that Saudi Arabia's oil output would return to normal quicker than initially expected following two drone attacks over the weekend.

A report from Reuters earlier in the day cited top Saudi sources with knowledge of oil operations as saying that the country is close to restoring 70% of the output, while the full-scale production should be seen again in two to three weeks.

West Texas Intermediate for October delivery lost 3.06% at 9:57 am ET, changing hands for $59,76 per barrel, while international benchmark Brent for delivery in November declined 4.12%, going for $65.2 a barrel at 9:58 am ET.

Breaking the News / GG