Oil prices rebound after Pentagon says US will deploy military equipment to Saudi Arabia

Crude oil prices gained traction after Pentagon announced that the United States will be deploying military equipment and support personnel to Saudi Arabia in response to the drone and missile attacks that targeted Saudi Arabian oil facilities earlier in September.

As of writing, the barrel of West Texas Intermediate was trading at $56.50, losing 0.3% on the day and the barrel of Brent was up 0.35% at $62.70.

The commodity-sensitive Loonie also gathered strength on this development and the USD/CAD pair erased its daily gains to turn flat at 1.3260 in the last minutes.