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A Saudi Aramco production facility near al-Khurj. Photo: Fayez Nureldine/AFP/Getty Images

Crude oil prices fell sharply Tuesday, reversing some of their major increases over recent days, after Reuters reported that Saudi Arabia will quickly restore output lost during attacks on its facilities over the weekend.

Why it matters: The report, if borne out, will ease fears of a prolonged outage from the strikes against a massive processing facility and oil field in OPEC's largest producer and the world's largest crude oil exporter.

  • Where it stands: Reuters says that the kingdom is "close to restoring 70% of the 5.7 million barrels per day (bpd) production lost following the attacks," citing a "top Saudi source." The same source expects full restoration in 2-3 weeks.

By the numbers: The global benchmark Brent crude quickly fell after the report and is now down $4 to $63.65 per barrel, a 6% slide, via OilPrice.com. West Texas Intermediate, the key U.S. contract, similarly slid by several dollars and is back under $60 per barrel.

What's next: Saudi Energy Minister Prince Abdulaziz bin Salman is scheduled to give a press conference around 1:15 pm ET.

Go deeper: Fallout from Saudi Arabia strikes is everywhere

Go deeper

Hill votes will make global waves

President Biden addresses the UN General Assembly on Sept. 21, 2021 in New York City. Photo: Eduardo Munoz-Pool/Getty Images)

This epic week for President Biden on Capitol Hill is even bigger than his domestic agenda.

Why it matters: Biden has anchored his entire strategy for foreign affairs on the notion that "America is back." What that means in practice is that Biden needs to prove democracy works to rally America’s liberal allies against rising authoritarians.

3 hours ago - World

German election: Exit polls show close race to succeed Angela Merkel

SPD leader Olaf Scholz. Photo: Alex Kraus/Bloomberg via Getty Images

BERLIN — The first exit poll from Sunday's German elections showed the center-left Social Democrats (SPD) and the center-right Christian Democrats (CDU) in a dead heat at 25%, leaving the race to succeed Angela Merkel too close to call.

The state of play: A second exit poll showed the SPD narrowly ahead. That's the one televisions displayed at SPD headquarters in Berlin, where the room erupted into cheers. Official results will roll in throughout the evening.

Abbott says he'll hire Border Patrol agents on horseback if they're fired

Texas Gov. Greg Abbott (R) on Sunday defended the actions of U.S. Border Patrol agents who charged at Haitian migrants on horseback, blaming the Biden administration for not preventing them from crossing the border.

Why it matters: Abbott's remark on "Fox News Sunday" comes amid increased backlash over the incident, with President Biden saying, "I promise... those people will pay,” and the Department of Homeland Security launching an investigation.