Crude declined to the lowest since Saudi Arabia’s oil industry suffered devastating attacks as investors gauged the kingdom’s efforts to restore production. Futures in New York settled down 1.4% to the lowest since before the Sept. 14 bombardment of Saudi oil installations. State oil producer Aramco has boosted total capacity to more than 11 million barrels a day, according to people with knowledge of the situation, a week earlier than forecast. The “Saudis seem to be getting their output back on track,” said Gene McGillian, a senior analyst and broker at Tradition Energy in Connecticut. “What we’ve given back is the geopolitical premium.”
Some of the session’s losses were checked after U.S. President Donald Trump said the trade dispute with China could be resolved “sooner than you think,” allaying fears about faltering energy demand.