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WTI rises above $60 on reports suggesting Aramco is now less optimistic about supply recovery

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WTI rises above $60 on reports suggesting Aramco is now less optimistic about supply recovery

Citing a person with the knowledge of the matter, Bloomberg today reported that Saudi Aramco officials were growing less optimistic about a rapid recovery of the crude oil output following the drone attack.

After starting the week with a huge bullish gap and touching its highest level since late May at $63.20, the barrel of West Texas Intermediate (WTI) staged a correction and fell toward $59 area before gaining traction on Bloomberg’s report. As of writing, the barrel of WTI was trading at $60.15, nearly 9.5% above Friday’s closing level.

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