Crude oil prices were down early Thursday as Saudi Arabia's production rapidly recovered by more than three quarters of its full volume after the Sept. 14 drone attacks crippled around 60% of its output.
International benchmark Brent crude was trading at $62.27 per barrel at 0630 GMT for a 0.5% decline after closing Wednesday at $62.56 a barrel.
American benchmark West Texas Intermediate was at $56.37 a barrel at the same time for a 0.6% loss after ending the previous session at $56.72 per barrel.
The drone attacks on two of the kingdom's key facilities on Sept. 14 culminated in Saudi Arabia losing 5.7 million barrels per day (mbpd) of its oil production -- 60% of its 9.4 mbpd output.
The kingdom's oil production increased to more than 8 million bpd, much faster than previously anticipated, according to media reports.
This only leaves the restoration of less than a quarter of the production volume in the coming weeks.
On the demand side, the increasing possibility of a successful trade deal between the U.S. and China is supporting prices and preventing further price drops.
The U.S. President Donald Trump said Wednesday that a trade deal with China could come sooner than expected.
“They want to make a deal very badly. It could happen sooner than you think,” Trump said, as he argued that the trade tension between the world's two biggest economies is negatively impacting Chinese employment and its supply-chain.
By Ovunc Kutlu