Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo
MOSCOW, Sept 18 (MENA) - Crude oil prices have begun to stabilize following a report that Saudi Aramco would restore full output in a matter of weeks, reversing a dramatic spike in oil markets caused by drone strikes on Saudi petrol infrastructure, Russia Today reported.
Falling precipitously since Monday’s high of $71.95 per barrel, Brent crude is now trading at $65.44, recouping about four percent of a nearly 20-point spike after the drone attacks.
The drop in prices comes on the heels of an optimistic report that Saudi Aramco would carry out repairs faster than expected and resume full production in “two to three weeks.”