- Oil dropped on Tuesday after Reuters reported Saudi Arabia’s output will return to normal in the next two to three weeks.
- Saudi Arabia is close to recovering 70% of its daily production of 5.7 million barrels, according to the report, which cited a top Saudi source briefed on the matter.
- WTI Crude fell more than 3%, while Brent Crude slid as much 4%.
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Oil slid on Tuesday after Reuters reported Saudi Arabia’s oil production is expected to fully recover in two to three weeks.
The country is close to restoring about 70% of its daily output of 5.7 million barrels, according to the report, which cited a top Saudi official briefed on the matter.
The drop comes just a day after oil posted its largest single day gain following a drone strike on key Saudi facilities that threatened to disrupt production. The country is responsible for about 6% of the world’s daily oil output.
The developments are earlier than initial forecasts from analysts, which expected output could be crippled for up to several months.
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