9/19/2019, 1:54 PM (Source: TeleTrader)
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Oil prices gain on reports Saudi can't meet demand

Valuations of benchmark contracts for the delivery of oil were pushed higher on Thursday on concern about Saudi Aramco's ability to supply its customers. Output by the Sunni kingdom's monopoly was halved last week in a puzzling attack by drones or missiles blamed on Iran. The government in Tehran denies the accusations. Information in the media from numerous market participants indicated Saudi Arabia asked Iraq for a large quantity of crude and that it is looking for suppliers of fuel to meet foreign orders.

West Texas Intermediate for settlement next month advanced 1.77% at 1:43 pm CET to $59.14 per barrel. Brent for shipment in November jumped 2.08% to $64.92 for one barrel.

Even if the monarchy manages to fulfill the promise to both recover the output volume and make up for losses by the end of October, oil is bound to remain volatile unless its reserve capacity is restored.

Breaking the News / IT