Oil drops 5% on upbeat Saudi production outlook

Oil prices dropped nearly 5% after a top Saudi Arabian source said that production could be fully back on line within weeks, quicker than initially thought following weekend attacks that halved the kingdom’s output.

Saturday’s attacks raised the spectre of a major supply shock in a market that, recently, has been preoccupied with demand concerns and faltering global growth. Oil surged as much as 20% at one point on Monday.