Crude Oil Futures Tumble, End At 1-month Low

While Saudi Arabia is maintaining exports by using crude from inventories and spare production capacity, how much of it is actually restored could only be determined in the next few weeks.

West Texas Intermediate Crude oil futures for November ended down $1.84, or about 3.3%, at $54.07 a barrel.

"The oil market is facing challenging times".

Saudi Arabia's Ambassador to India Dr Saud bin Mohammed Al Sati last week said that India was an attractive investment destination for the kingdom and it is eyeing long-term partnerships with New Delhi.

Oil prices edged up on Monday after China's factories unexpectedly ramped up production in September, easing concerns about demand at the world's largest crude importer amid an ongoing trade war with the United States, Trend with reference to Reuters reports.

"Ultimately, the impact of the drone strikes on oil prices will depend on two main factors: how long it takes for Saudi to bring these facilities back on stream, and whether or not further direct strikes are carried out", said Cailin Birch, an analyst at the Economist Intelligence Unit.

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OPEC's oil production has fallen to a near decade low for September, according to the latest Reuters survey, falling below 29 million barrels per day, with Saudi Arabia accounting for most of the output drop.

"If Trump remains the frontrunner, expectations for USA production to rise to fresh record highs will continue with 2020 possibly topping 13.5 million bpd", said Edward Moya, a senior market analyst at OANDA.

Sources in the survey put Saudi production at between 8.5 million bpd and 8.6 million bpd.

Still, geopolitical tensions in the Middle East simmered after Saudi Arabia's crown prince warned in an interview broadcast on Sunday that oil prices could spike to "unimaginably high numbers" if the world does not come together to deter Iran, but said he would prefer a political solution to a military one.

Saudi Arabia, the world's biggest oil exporter, is planning to invest $100 billion in India in key sectors such as petrochemicals, infrastructure and mining among others, considering the country's growth potential, as per media report.

The U.S. Energy Information Administration cut its 2019 world oil demand growth forecast for an eighth straight month in September to 0.89 million barrels per day.

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