By Adedapo Adesanya
Oil prices were at first trading lower on Monday afternoon as reports stated that Saudi Arabia already had gotten about 75 percent of its output up and running since the attacks on its Aramco fields two weeks ago.
However, as at Tuesday night, Business Post gathered that the Brent Crude was trading higher at $63.42 per barrel after gaining 22 cents or 0.35 percent, while the US West Texas Intermediate (WTI) also recorded gains of 38 cents equivalent to 0.65 percent to trade at $58.47 per barrel.
Saudi’s oil production was hinted at more than 1.3 million barrels per day in Khurais, while current production from Abqaiq is at about 3 million barrels per day.
Things also took a new turn on Monday as leaders from United Kingdom, France and Germany have said in a joint statement at the 74th General Assembly of the United Nations that Iran was responsible for the attacks on Saudi Aramco fields earlier this month.
They were talks by French President Emmanuel Macron, British Prime Minister Boris Johnson and German Chancellor Angela Merkel on Monday during the annual United Nations gathering of world leaders to coordinate their strategy on Iran.
“It is clear for us that Iran bears responsibility for this attack. There is no other plausible explanation,” the three leaders said in the joint statement released by the French government
There are clear indications on what this might mean for oil prices but expectations are that oil prices will continue to rise.
Dipo Olowookere