The Saudi crisis has eased! Crude oil closed by 8 cents


The Saudi crisis has eased! Crude oil closed by 8 cents

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            Crude oil close down by 8 cents, reports Saudi Arabia recovering oil production faster than expected.

        <p>Today (27 Sep 19) West Texas crude oil contract (WTI) New York market closed down last night (26 Sep) after reports that oil production in Saudi Arabia recovered faster than expected. However, the WTI crude contract moved only slightly. While Brent crude oil contract rose in the positive territory. As the market was supported by the report that The United States is preparing to send military and defense equipment to Saudi Arabia. After two oil factories in Saudi Arabia were attacked last week

WTI crude for delivery in November. Moved down 8 cents or 0.1% to close at 56.41 dollars / barrel.

Brent crude oil delivery contract for November Rose 35 cents, or 0.6%, to close at 62.74 dollars / barrel.

In the beginning WTI contract fell from news reports that Saudi Arabia says it is able to revitalize its oil production quickly. After being attacked earlier, Saudi Arabia is now able to produce 11.3 million barrels of oil per day. Which is faster than expected

Nonetheless, the WTI crude oil contract decreased later. After reports that The US Department of Defense prepares to send 200 soldiers and equipment for the Patriot missile system. Stationed in Saudi Arabia After the attack on two oil factories in Saudi Arabia last week

In addition, the market has been driven by investors' concerns about the wartime trade between the US and China. After Mr Kao Feng, spokesman for the Chinese Ministry of Commerce Latest disclosure that Chinese companies have entered into an agreement to buy large amounts of soy and pork from the United States.

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