Oil prices were little changed on Wednesday, steadying after Saudi Arabia said i...
LONDON - Oil prices were little changed on Wednesday, steadying after Saudi Arabia said it will restore by the end of the month production lost in weekend attacks on its facilities.
But tension in the region remained elevated after the United States said it believed the attacks on the world’s top oil exporter originated in southwestern Iran. Iran has denied involvement in the strikes. Energy Minister Prince Abdulaziz bin Salman said on Tuesday that average oil production in September and October would be 9.89 million barrels per day and that the world’s top oil exporter would ensure full oil supply commitments to its customers this month.
Still, fundamental supply and demand balances in the oil market are deteriorating, Fritsch added, forecasting Brent oil prices of $60 a barrel next year.
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