TOKYO/LONDON - Oil prices declined on Tuesday, although the market remains on tenterhooks over the threat of a military response to attacks on Saudi Arabian crude oil facilities that halved the kingdom's output and prompted a price spike not seen in decades.
On Monday, the prices surged nearly 20 percent in intraday trading in response to the attacks, the biggest jump in almost 30 years, before closing nearly 15% higher at four-month highs. US oil output from seven major shale formations is expected to rise by 74,000 barrels per day in October to a record high 8.843 million bpd, the U.S. Energy Information Administration said in its monthly drilling productivity report on Monday.
Relations between the United States and Iran have deteriorated since Trump pulled out of the Iran nuclear accord last year and reimposed sanctions on its oil exports. "However, let's not also forget that the demand picture isn't great right now, which will dampen the oil price quickly. Most recently, China's industrial production figures disappointed overnight," Cincotta said.
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