Oil rises about 1% on concerns about return of #Saudi output - Reuters

Oil rises about 1% on concerns about return of Saudi output - Reuters:

Oil ended about 1% higher on Monday after a volatile trading session as traders focused on when Saudi Arabia would be able to restore full output following the Sept. 14 attack on its facilities.

Brent futures gained 49 cents, or 0.8%, to settle at $64.77 a barrel, while U.S. West Texas Intermediate (WTI) crude gained 55 cents, or 1%, to settle at $58.64.

“We’ve seen futures trade on both sides of unchanged today. The market is hesitant to drive too much higher at this point until it gets more facts. But I think the bullish news outweighs the bearish news and that is why we are up at the end of the day,” said Phil Flynn, an analyst at Price Futures Group in Chicago.

Brent futures started the session at a high of $65.50 on a report in the Wall Street Journal that it could take Saudi Arabia months longer than its Aramco oil company anticipates to repair damage from the Sept. 14 attacks.