Decades ago, a distiller in Scotland discovered the marketing power of "single malt" whisky, untouched by blending - a technique now being embraced by sellers of Texas crude oil.
Oil stabilized near $64 a barrel on Monday, after gaining nearly 7% last week, due to prospects of a faster-than-expected full restoration of Saudi oil output and pressured by fresh signs of European economic weakness. A source, briefed on the latest developments in the Sept. 14 attack on Saudi oil facilities, told Reuters Saudi Arabia had restored around 75% of crude production lost.
* Replaces light crude with medium, heavy grades. * Complex refineries in Asia able to adapt quickly. By Florence Tan, Jessica Jaganathan and Jane Chung. State oil giant Saudi Aramco has switched crude grades and pushed back crude and oil products deliveries to customers by days after the attacks on its supply hub severely reduced its light oil production and led to output cuts at its refineries.
U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row to the lowest since May 2017, even as crude prices jumped more than 7% this week after an attack halved output in the world's top oil exporter Saudi Arabia.
Oil prices eased on Friday on renewed concern over the U.S.-China trade war, but futures still posted weekly gains, with Brent marking its biggest weekly increase since January, after an attack on Saudi Arabia's energy industry last weekend.
* Replaces light crude with medium, heavy grades. * Complex refineries in Asia able to adapt quickly. By Florence Tan, Jessica Jaganathan and Jane Chung. State oil giant Saudi Aramco has switched crude grades and pushed back crude and oil products deliveries to customers by days after the attacks on its supply hub severely reduced its light oil production and led to output cuts at its refineries.
* Chartbook: https://tmsnrt.rs/31uXMgF. Brent oil futures prices have gyrated wildly as traders have tried to assess the impact of last week's attacks on Saudi Arabia's oil infrastructure on the actual availability of crude.
* Chartbook: https://tmsnrt.rs/31uXMgF. By John Kemp. Brent oil futures prices have gyrated wildly as traders have tried to assess the impact of last week's attacks on Saudi Arabia's oil infrastructure on the actual availability of crude.
* Blending halted at Petropiar, slowed at Petrosinovensa. * Output reduced at Tia Juana, Lagunillas, Bachaquero and Boscan. * Venezuela's crude inventories at highest since January 2018. By Marianna Parraga and Mircely Guanipa.
* Blending halted at Petropiar, slowed at Petrosinovensa. * Tia Juana, Lagunillas, Bachaquero, Boscan reducing output. * Venezuela's crude inventories at highest since January 2018. By Marianna Parraga and Mircely Guanipa.
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