Oil price drops on hopes for quick recovery of Saudi output

LONDON — The price of oil is falling back further after the Saudi government said half of production that was knocked out by an attack over the weekend had already had been restored.

Benchmark U.S. crude was down 42 cents to $58.92 per barrel in electronic trading Wednesday. The contract fell $3.56 on Tuesday.

Brent crude, the international benchmark, fell 27 cents to $64.28 per barrel in London, having dropped $4.47 the previous session.

The attack on oil producer Saudi Aramco's processing facility in Abqaiq saw crude surge more than 14% on Monday, about as much as it did when Iraq invaded Kuwait before the 1991 Gulf War.

The attack led to a 5% drop in global output, but Saudi Arabia said it would be restored by the end of the month.

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