2019.09.1806:25:00UTC+00Oil Extends Losses After Saudi Comments

Oil prices slipped on Wednesday to extend losses from the previous session, though the downside remained limited as investors assess the risk of further escalation of conflict in the Middle East.

Global benchmark Brent crude slid half a percent to $64.23 a barrel, after plunging 6.5 percent on Tuesday. U.S. West Texas Intermediate (WTI) crude futures were down 0.55 percent at $58.77 a barrel, after tumbling 5.7 percent in the previous session.

Oil prices are down after Saudi Arabia sought to reassure markets, saying that full production would be restored by month's end.

Energy Minister Prince Abdulaziz bin Salman said on Tuesday that average oil production in September and October would be 9.89 million barrels per day and that the world's top oil exporter would ensure full oil supply commitments to its customers this month.

Earlier, there were fears that the outage in Saudi Arabia following weekend attacks on production facilities might take months to clear.

Meanwhile, U.S. President Donald Trump doesn't want war with Iran and is looking for ways to get the Iranians back to the negotiating table- but Tehran seems inclined to "test the Trump administration," according to Gerald Feierstein, a former U.S. Ambassador to Yemen.

Iran has sent the United States a diplomatic note denying any role in attacks on Saudi oil installations and warning it would respond to any action.