Industry and Energy

Home page

Industry and Energy

Oil prices soar 10% after attack on Saudi facilities hits global supply

16 September 2019 06:42 (UTC +04:00)

Oil prices retreated on Monday after hitting their highest since May at the open, on fears over supply disruptions following an attack on Saudi Arabia’s oil facilities on Saturday that cut more than 5% of global oil supply, APA rpeorts quoting Reuters.

International benchmark Brent crude futures rose $7.06 a barrel or 11.7% from their New York close on Friday to stand at $67.28 per barrel by 0108 GMT, after soaring more than 19% to a session high of $71.95 per barrel at the opening.

U.S. West Texas Intermediate (WTI) futures climbed $5.76 a barrel or 10.5% to $60.60 a barrel, after jumping more than 15% to a session high of $63.34 a barrel.

Prices eased off their peaks after U.S. President Donald Trump said he approved the release of oil from the U.S. Strategic Petroleum Reserve (SPR) if needed in a quantity to be determined due to the attack on Saudi Arabia’s facilities.

State oil giant Saudi Aramco said the attack cut output by 5.7 million barrels per day, at a time when Aramco is trying to ready itself for what is expected to be the world’s largest share sale.