WASHINGTON (dpa-AFX) - Crude oil prices drifted down sharply on Tuesday as weak economic data from Asia, Europe and the U.S. raised concerns about near term energy demand.
Oil prices fell despite a likely drop in supply due to the recent onslaught on Saudi Arabia's oil facilities.
According to reports, Saudi Arabia said it has restored about 75% crude output lost after the attacks on its facilities and production would be normal by early next week.
Iranian President Hassan Rouhani reportedly said he is open to discuss small changes to the 2015 nuclear deal if the U.S. lifted sanctions on his country.
West Texas Intermediate Crude oil futures for November ended down $1.35, or 2.3%, at $57.29 a barrel.
On Monday, WTI crude oil futures for November ended up $0.55, or about 1%, at $58.64 a barrel.
Britain, France and Germany have joined the United States in blaming Iran for the recent attacks on key oil facilities in Saudi Arabia. The Iranian foreign minister pointed to claims of responsibility by Yemeni rebels and said: 'If Iran were behind this attack, nothing would have been left of this refinery.'
Meanwhile, speaking at the United Nations General Assembly today, U.S. President Donald Trump called on countries across the globe to tighten the economic noose around Iran's economy and said no country should support Iran's 'blood lust.'
Markets now await the weekly inventory data from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA).
While API's weekly oil report is due later today, the EIA's inventory data will be out at 10:30 AM ET on Wednesday.
Copyright RTT News/dpa-AFX
© 2019 AFX News
