Oil slips after Saudi Arabia says it will restore output by the month-end

Oil prices slipped on Wednesday, extending losses from the previous session after Saudi Arabia’s energy minister said the kingdom will restore lost oil production by the end of the month.

But investors remained cautious about West Asia tension after the US said it believes the attacks that crippled Saudi Arabian oil facilities last weekend originated in southwestern Iran. Iran has denied involvement in the strikes.

Brent crude oil futures fell 15 cents, or 0.2 per cent, to $64.40 a barrel by 0253 GMT, after tumbling 6.5 per cent the previous session.

US West Texas Intermediate (WTI) crude futures declined 35 cents, or 0.6 per cent, to $58.99 a barrel, after sinking by 5.7 per cent on Tuesday.