Oil prices settle after turbulent week as Saudi Arabia reassures on output

SINGAPORE: Oil prices edged higher in early Asian trade on Thursday after days of turbulence, with markets soothed by Saudi Arabia’s pledge to restore full production by end-September at facilities knocked out in drone and missile attacks last weekend.

Brent crude futures rose 8 cents to $63.68 a barrel by 0139 GMT while US West Texas Intermediate (WTI) crude was up 12 cents to $58.23 a barrel.

The steadying of nerves, after a 2% drop on Wednesday and a 14% plunge on Monday, came after Saudi Arabia set out the timeline to full operation and also said it had managed to restore supplies to customers at levels prior to the attacks by drawing from its oil inventories.