Breaking news: Oil swoons on reports that Saudi output will be back online in 2-3 weeks

There's been some sharp selling seen in the energy complex with both Oil and Oil.WTI tumbling in recent trade. Two supporting stories have hit the wires that suggest the damage to Saudi Arabian output from the attacks over the weekend may not be as bad as first feared. According to a top Saudi source who has been briefed on the latest developments  “Saudi oil output will be fully back online in the next 2-3 weeks”. Oil is trading -3.8% and Oil.WTI -2.9% at the time of writing.

Oil has dropped by over 300 ticks or $3 on the news. The gap from last week’s close at 60.25 remains unfilled. Source: xStation

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