Saudi Oil Exports Rebound Despite Yemen Houthi Attacks
Oil prices dipped on Monday as investors assessed Saudi Arabia's export recovery despite ongoing attacks by Yemen's Iran-backed Houthis.
The price of Brent crude futures dropped 81 cents, or 0.78%, to $103.06 a barrel at 0031 GMT after settling down 0.91% on Friday.
US West Texas Intermediate crude was at $99.41 a barrel, down 89 cents, or 0.89%, following a 1.58% loss in the previous session.
The Houthis attacked 'sensitive' sites in Riyadh and an Aramco facility in Yanbu, a key oil export hub, with missiles and drones on Saturday.
Saudi Aramco's East-West pipeline has been disrupted, prompting the state energy firm to increase exports through the Strait of Hormuz this month and next after halting some shipments via Yanbu.
Exports from Saudi Arabia have recovered to just over 4 million barrels per day (bpd) so far in September, up from 2.4 million bpd in August, according to provisional data from analytics firm Kpler.