Oil slips as market assesses fallout from Saudi attack

, and West Texas Intermediate was down 57 cents, or 0.9 per cent, at $62.33 a barrel. Earlier, the crude benchmarks both fell by around 2 per cent.On Monday, the prices surged nearly 20 per cent in intraday trading in response to the attacks, the biggest jump in almost 30 years, before closing nearly 15 per cent higher at four-month highs.

“All eyes will be on the Saudi news conference,” said Samuel Ciszuk, founding partner at Stockholm-based ELS Analysis. The attacks on Saudi Aramco’s crude-processing facilities at Abqaiq and Khurais cut production by 5.7 million barrels a day, the largest single supply disruption in half a century, and threw into question its status as supplier of last resort.

U.S. President Donald Trump said on Monday it looked like Iran was behind attacks, but stressed he did not want to go to war. Tehran has rejected the charges that it was behind the drone strikes.

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Saudi Arabia’s oil exports to run as normal from stocks this week: sourceAttacks on Saudi oil plants on Saturday knocked out more than half of the country’s output or more than 5 per cent of global supply
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