Oil Slides to its Worst Quarter This Year on Demand Worries
- Saudi prince endorses non-military approach to Iran clash
- Brent settles near $61 a barrel, down about 8.7% this quarter
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Oil recorded its weakest quarter since late last year as fears over a global economic slowdown overshadowed an unprecedented attack on Saudi Arabia’s key energy facilities.
Brent futures slumped 8.7% since the end of June after a brief spike earlier this month due to drone strikes on the Abqaiq processing facility and Khurais oil field. Despite some skepticism from the market, Saudi Aramco has already returned to producing more than 9.9 million barrels a day of crude, and this quicker than expected timeline coupled with the subsequent sell off in prices has underscored investors’ focus on weakening oil demand from slower economic growth and the U.S.-China trade war.