Business news live - Oil price drops sharply after reports Saudi Arabia will restore supply 'within weeks'

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An Aramco oil facility near al-Khurj area, just south of the Saudi capital Riyadh (AFP/Getty Images)

Oil prices have dropped sharply after reports that Saudi Arabia could restore production levels within weeks after an attack on its largest refinery.

The Reuters report indicating the world's largest oil exporter would recover more quickly than previously expected sent the price of a barrel of Brent crude down 6 per cent.

Elsewhere, WeWork has postponed its plans for a multi-billion dollar stock market flotation after investors balked at the loss-making office space firm's valuation.

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[17 September 2019 13:22 · ben.chapman]

The future of a giant mine in Yorkshire and the creation of more than 1,000 jobs have been thrown into doubt after the company behind the project said plans to secure financing have been derailed by Brexit and a lack of government backing. 

Sirius Minerals announced on Tuesday that a long-planned $500m (£403m) bond sale will not go ahead, given the “current market conditions”. The company needed the additional funding from investors to complete work on the mine to extract polyhalite potash, a type of fertilizer, in North Yorkshire, as well as on a transportation tunnel to Teesside.

“As a result of global market conditions, the ongoing uncertainty surrounding Brexit and the political environment in the United Kingdom, the company and its advisers believe that [the sale] … is now unlikely to be achievable,” Sirius said.

Sirius Minerals: Future of Yorkshire employer in question as mining firm looks for more funding

[17 September 2019 16:43 · ben.chapman]

Oil prices falling 

West Texas Intermediate is down 5.1 per cent to to $59.68 a barrel while Brent crude, the international benchmark, is also down 5.1 per cent to $64.21. Both rose more than 14 per cent Monday.

Saudi Arabia's energy minister is expected to give an update on the country's oil production later.

A drone attack hit Saudia Arabia's largest oil processing plant on Saturday, lead to the biggest disruption of crude oil supply in modern history.