By Canadian Press

Oil prices drop ahead of update on Saudi oil production

Sep 17, 2019 | 11:01 AM

NEW YORK — Oil prices are falling a day after their biggest single-day jump in years due to a weekend attack on a key Saudi Arabia energy facility.

U.S. oil fell nearly 5% to $59.96 a barrel Tuesday while Brent, the international benchmark, is down 5.3% to $65.34. Both rose more than 14% Monday.

Saudi Arabia’s energy minister is expected to give an update on the country’s oil production at some point Tuesday.

The attack led to the biggest disruption of crude oil in modern history. In the U.S., auto club AAA warned of a potential 25-cent increase in the price of gasoline. The average price of a gallon of gas in the U.S. Tuesday is $2.59, according to AAA, up 3 cents from Monday.

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