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Oil Increases as report Factors to slow Recurrence of Missing Saudi output

Oil climbed sharply in early Monday trading in Asia after a report that repairs to Saudi oil areas struck by a drone assault earlier this month might take several months.

Brent crude climbed 1.1percent after surging 6.7percent a week, its biggest weekly gain since January. Saudi Aramco on Saturday reaffirmed its dedication to bringing 5.7 million barrels per day of lost return back from the end of the month, but a Wall Street Journal report Sunday quoted a Saudi official stating that the situation isn’t”as rosy as you could think.”

Tensions remain high in the area, together with the U.S. on Friday declaring sanctions against Iran’s central bank in retaliation for the attack which crippled Saudi Arabian oil production.