Oil prices rose to their highest in two sessions on Monday amid concerns about o...
FILE PHOTO: General view of the Fos-Lavera oil hub near Marseille, France, September 17. REUTERS/Jean-Paul Pelissier
Brent crude futures LCOc1 increased to as much as $65.50 a barrel. The front-month contract was at $64.84, up 57 cents, or 0.9% at 0224 GMT. Despite efforts by the world’s top oil exporter Saudi Arabia to reassure global markets that it can resume full production by the end of this month after an attack on its largest oil processing facility in mid-September, buyers and traders remained skeptical.
“The fund community faded the attack last week on the assumption that supply would return very quickly, but the reality is likely to be different,” said Energy Aspects analyst Virendra Chauhan in Singapore.
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