Oil slips on signs of returning Saudi output as doubts linger

Seoul: Oil edged lower on signs Saudi Arabia is making progress in restoring lost output even as uncertainty remains about the kingdom’s ability to meet its timeline of a full return by the end of the month.

Futures dropped 0.3% in New York after rising 1% on Monday. Saudi Aramco is returning most of its domestic oil refineries to full capacity after cutting back on processing to meet the crude demands of customers, according to people familiar with the matter. The US stockpiles probably declined by 600,000 barrels last week, according to a Bloomberg survey.

Oil is heading for the biggest monthly gain since June following the attacks that took out 5% of global supply and spurred a record spike in prices.