Oil price drops as Saudi crude output recovers
NEW YORK — The price of oil fell Wednesday after Saudi officials announced oil production halted by an attack on the heart of its oil industry would be fully restored within weeks.
Prices continued to slide even as the Saudi military blamed Iran for the attacks and U.S. Secretary of State Mike Pompeo called the strike and “act of war.”
Benchmark U.S. crude fell more than 2 percent to $57.88 per barrel in midday trading. Brent crude, the international benchmark, fell 2 percent to $63.16 per barrel.
Average gasoline prices in the U.S. were $2.65 for a gallon of regular on Wednesday, up from $2.59 on Tuesday and $2.56 a week ago.