Oil Edges Higher Amid Mixed Reports Over Pace of Saudi Recovery
- Demand fears linger following weak German manufacturing data
- WTI crude futures gain 1% after rising 5.9% last week
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Oil futures gained on Monday as traders weighed conflicting reports on how quickly Saudi Arabia will be able to restore its lost production.
Futures rose 1% in New York. Saudi Arabia, which has reiterated it will bring back all lost output by the end of September following attacks on its oil facilities, is on course to fulfill the promise, according to Reuters. That comes after the Wall Street Journal over the weekend said repairs at damaged plants may take “many months.” Concerns over waning demand returned after a key European manufacturing index had its worst slump since the financial crisis.