Oil Prices Plunge 5% after Saudi Confirms a Full Recovery by the End of September!

On Tuesday, crude oil prices plunged sharply after Saudi Arabia announced that the normal production of the damaged oil plants could be fully restored by the end of September, destroying investors’ hope to see higher prices of crude oil.

Brent fell 36 cents, or 0.25%, to $64.39 a barrel by 0220 GMT, after a plummet of 6.5% the previous session. Meanwhile, U.S. West Texas Intermediate (WTI) fell 43 cents, or 0.72%, to $58.91 a barrel, after a plummet of 5.7% on Tuesday.

Saudi’s stated-enterprise Aramco stated that it will supply full allocated volumes of crude oil in October to some Asian refiners, though with some changes.