Oil plummets 6% as #Saudi oil minister says production fully restored - Reuters

Oil plummets 6% as Saudi oil minister says production fully restored - Reuters:

Oil prices dropped about 6% on Tuesday after Saudi Arabia’s energy minister said the kingdom has fully restored its oil production hit by an attack this weekend that shut 5% of global oil output. 

Saturday’s attacks raised the specter of a major supply shock in a market that in recent months has been preoccupied with demand concerns and faltering global growth. Oil surged as much as 20% at one point on Monday.

During a news conference on Tuesday, Saudi Energy Minister Prince Abdulaziz bin Salman also said it will keep its full oil supply to its customers this month. He added that oil production in October would be 9.89 million barrels per day.

Brent crude LCOc1 futures sank $4.47, or 6.5%, to settle at $64.55 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell $3.56, or 5.7%, to settle at $59.34 a barrel.

Brent sank more than 7% during the news conference.