Oil prices edged higher in early trade on Thursday after days of turbulence, due to Saudi Arabia’s pledge to restore full production by end-September.
As writing, Brent crude futures rose 8 cents to $63.68 a barrel, while U.S. West Texas Intermediate (WTI) crude was up 12 cents to $58.23 a barrel.
We saw a turbulent week for oil after a 2% drop on Wednesday and a 14% jump on Monday.
Saudi Arabia, the world’s leading oil exporter, has said the crippling attack on its oil sites was “unquestionably sponsored” by bitter regional rival Iran. U.S. President Donald Trump said that he had ordered the U.S. Treasury to “substantially increase sanctions” on Tehran.
Still, the head of the International Energy Agency said on Wednesday it does not see a need to release emergency oil stocks as markets are well supplied.