Oil gives back gains as Saudi supply starts returning

Oil is sliding again Wednesday on news of how much Saudi production will resume following the weekend attacks on facilities.

Saudi Arabia's energy minister says 50 percent of the production cut by the attack on its oil processing plant has been restored.

Prince Abdulaziz bin Salman made the comments Tuesday night at a news conference in Jiddah.

Brent crude was lower by 62 cents at $63.82 a barrel.

U.S. West Texas Intermediate crude lost 93 cents at $58.41 per barrel.

Secretary of State Mike Pompeo arrived in Saudi Arabia Wednesday amid rising tensions in the region in the wake of the assault on the oil facility. Pompeo called the attack an "act of war."

The attack Saturday struck a Saudi oil field and the world's largest crude oil processing plant, which knocked out 5.7 million barrels of crude oil production per day for the kingdom, or about 5 percent of the world's daily production.

The prince added that within this month, production capacity will be up to 11 million barrels per day by the end of September. It had been around 9.6 million barrels per day before the attack.


Yemen's Houthi rebels, whom a Saudi-led coalition have been fighting since March 2015, claimed the attack. However, U.S. and Saudi officials say they believe Iran carried out the assault, something denied by Tehran.

The Associated Press contributed to this article.