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Oil Prices Rise as Reports Suggest Saudi Needs More Time to Recover

Investing.com - Oil prices rose on Monday in Asia following reports that full recovery of Saudi Arabia’s oil fields hit by the drone attack may take many months.

U.S. Crude Oil WTI Futures gained 1.0% to $58.69 by 11:30 PM ET (03:30 GMT). International Brent Oil Futures also rose 1.0% to $64.95.

The Wall Street Journal reported that complete recovery from the attack earlier this month, which knocked out half the nation’s out output, will take more than the 10 weeks Saudi previously promised.

Citing an unnamed Saudi official, the report said the kingdom is “still in a frantic search for spare parts.” The situation is not “as rosy as you might think,” the official said.

Meanwhile, state oil company Saudi Aramco reassured the market on Friday that it will have 11 million bpd of capacity back online by November, well above its current actual output level.

Aramco also named UBS Group, Deutsche as bookrunners for its initial public offering (IPO), Reuters reported citing sources familiar with the matter.

Reuters added that the company planned meetings with analysts this week ahead of its expected IPO in late November.

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