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2019-09-19 14:35:00

OIL PRICE: ABOVE $64

OIL PRICE: ABOVE $64

REUTERS - Oil prices rose sharply on Thursday, supported by supply risks brought about by last weekend's drone attacks on Saudi oil infrastructure and a cut in U.S. interest rates.

Brent crude futures LCOc1 gained $1.44 to $65.04 a barrel by 0958 GMT, while U.S. West Texas Intermediate crude CLc1 was up 89 cents at $59 a barrel.

The attacks knocked down more than half of Saudi Arabia's crude production and severely limited the country's spare capacity, a cushion for oil markets in any unplanned outage.

"Global available spare capacity is extremely low at present following the weekend attacks, leaving little room for additional outages, which tends to be price supportive," UBS oil analyst Giovanni Staunovo said.

Earlier this week Saudi Arabia set out a timeline for a resumption of full operations, saying it had restored supplies to customers at levels prior to the attacks by drawing from its oil inventories.

But it said it would restore its lost production by the end of this month, and bring its output capacity back to 12 million barrels per day by the end of November.

"These plans suggest Saudi Arabia will have no spare capacity for at least the next two and a half months and therefore no way to absorb any further shocks," consultancy Energy Aspects said.

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Earlier:

OIL PRICE: ABOVE $64
2019, September, 18, 18:35:00
OIL PRICE: ABOVE $63
Brent were down 75 cents, or 1.16%, at $63.80 a barrel, WTI were down $1.15, or 1.94%, at $58.19.
OIL PRICE: ABOVE $64
2019, September, 17, 13:10:00
OIL PRICE: ABOVE $67
Brent was down 36 cents, or 0.5%, at $68.66 a barrel, and WTI was down 57 cents, or 0.9%, at $62.33 a barrel. Earlier, the crude benchmarks both fell by around 2%.
OIL PRICE: ABOVE $64
2019, September, 16, 15:20:00
OIL PRICE: NEAR $66
Brent crude futures, the international benchmark, rose as much as 19.5% to $71.95 per barrel, WTI futures climbed as much as 15.5% to $63.34
OIL PRICE: ABOVE $64
2019, September, 11, 12:00:00
OIL PRICE: NEAR $63
Brent rose 40 cents, or 0.6%, to $62.78 a barrel , WTI were up 37 cents, or 0.6%, to $57.77 a barrel.
OIL PRICE: ABOVE $64
2019, September, 10, 18:05:00
OIL PRICE:ABOVE $63
Brent was up 67 cents or 1.07% at $63.26 a barrel, WTI were up 63 cents, or 1.09%, at $58.48 a barrel.
OIL PRICE: ABOVE $64
2019, September, 6, 13:55:00
OIL PRICE: NEAR $60 YET
Brent was up 6 cents at $61.01 a barrel, WTI was up 5 cents at $56.35 a barrel.
OIL PRICE: ABOVE $64
2019, September, 5, 15:20:00
OIL PRICE: NEAR $61
Brent was up 17 cents at $60.87 a barrel, U.S. West Texas Intermediate (WTI) crude rose 1 cent to $56.27.
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Tags: OIL, PRICE, BRENT, WTI