After week of oscillation, oil stabilizes

Focusing on the resumption of Saudi production, the oil stabilized close to US $64 per barrel on Monday, after increasing nearly 7% in the last week. In addition to being a consequence of the faster restoration attempt of Saudi Arabia’s oil production, the elevation was also due to signs of economic weakness in Europe.

Brent oil rose to US $64.29 per barrel, at 11:30 a.m. (Brasilia time), while the crude oil of the US West (WTI) rose 0.3%, going to US $58.25. A source told the Reuters website that Saudi Arabia had already restored about 75% of oil production.

The attempt on Saudi reserves has caused the region to gain spotlight in the last few days. Investors who were not concerned about the supply, due to their size, have redirected their attention to possible interruptions in the supply of other producers of OPEC (Organization of Petroleum Exporting Countries).

In addition, the tension in the Middle East has grown. The Pentagon, for example, ordered the sending of more U.S. troops to the Gulf region in order to strengthen Saudi Arabia’s air and missile defenses. Britain believes that Iran has been responsible for the attack, and will work with the U.S. and European allies for a joint response.

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