Oil falls slightly after “historic rise”


Oil prices fell on Tuesday, although the market remains concerned about the threat of military response to two attacks on two Saudi oil facilities, after leading the biggest rise in prices in decades.

Saturday’s attack raised the prospect of a market shake-up, which in recent months has focused on demand worries due to a decline in global growth amid the US-China trade dispute.
By 06:31 GMT, Brent crude was down 30 cents, or 0.4 percent, at $ 68.72 a barrel, and US WTI was down 57 cents, or 0.9 percent, at $ 62.33 a barrel. Earlier, both benchmarks fell about 2 percent each.

On Monday, oil prices rose nearly 20 percent during the session, the biggest jump in nearly 30 years, before closing up nearly 15 percent at a four-month high.

The US Energy Information Administration said in its monthly report of drilling activities on Monday that US oil production is expected to rise from seven rock formations by 74 thousand barrels per day in October, to a record level at 8.843 million barrels per day.

Japan said today it would consider a coordinated drawdown of oil reserves, if necessary.

US President Donald Trump said on Monday that Iran appeared to be behind the attacks on Saudi oil facilities, but stressed he did not want war.