Crude oil prices opened higher Tuesday to recover from their lowest level in a month as Saudi Arabia restoring its oil production level faster than market expectation pushed prices lower.
Price of Brent crude fell 2.88% on Monday to reach as low as $59.21 per barrel -- its lowest level since Sept. 4. The international benchmark recovered Tuesday 0.29% and it was trading at $59.58 a barrel at 0650 GMT.
West Texas Intermediate (WTI) lost 3.25% on Monday to see as low as $53.99 a barrel to mark its lowest level since Sept. 4. The American benchmark was at $54.42 per barrel at the same time on Tuesday with a 0.35% gain.
Crude oil prices in the third quarter also recorded their worst quarterly decline in 2019. Price of Brent crude fell around 11% during the third quarter, while WTI decreased around 7%, according to official figures.
The sudden decline in crude prices on Monday came after Saudi Arabia was reported to restore its oil production level to pre-attack levels.
The faster than anticipated recovery in Saudi Arabia's two major oil facilities suggested that there would be ample supply in the global oil market for the remainder of the year, pushing crude prices lower.
By Ovunc Kutlu