Oil Prices Retreat After Assurances from Saudi Arabia

After the attacks on Saudi Arabia oil facilities, earlier this month, oil prices jumped by as much as 10%. However much of those gains have disappeared this week. At last check, West Texas Crude is trading just under $60 per barrel. That drop in oil prices came following assurances from the Kingdom the oil demand would be met. The CEO of Saudi Aramco, the national oil company, says the will return production to 11 million barrels per day by the end of this month, and should return to normal operation by the end of the year.

“If you want to put all of this into prospective this is one of the most resilient companies in the oil business, be it the IOC’s or the government oil companies.”

Security is still a concern at this facility going forward, which could shock the oil markets again. While oil prices have dropped, the Northwest hasn't seen that hit the local pumps yet at this time.

The National average for a gallon of diesel jumped in the past week nine cents to $3.01, Washington’s average increased four cents to $3.27, while Oregon’s average for a gallon of diesel, increased four cents to $3.15.

As far as the local prices are concerned: