Oil falls on a report that Saudi production will return faster than expected

Reuters report

Oil has quickly fallen $2 on a Reuters report saying Saudi output will return to normal levels quicker than initially thought. They cited two sources.

There was a similar report from Energy Intel yesterday but the market is putting more weight on the reporting from Reuters.

The same report says Saudi Arabia is close to restoring 70% of the 5.7 mbpd of oil output loss. That would be 4 million barrels per day.

They expect to have output fully back in place in 2-3 weeks.