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Oil prices jump following oil plant attacks

  • Regular
  • FX Market
  • 1 month ago
  • 18

Oil prices jumped more than 10% earlier today following drone attacks on Saudi Arabia's oil facilities over the weekend the weekend raised concerns about global oil supplies.

Oil giant Aramco stated that the attack, which hit the world's biggest petroleum-processing facility, cut output by 5.7 million barrels per day.

US President Trump said that he authorized the release of oil from the Strategic Petroleum Reserve, if needed to keep the markets well-supplied.

Brent crude climbed as much as 12% towards $70 per barrel and the US crude oil rose 10% to nearly $61.

 

 

Source: Smart Trend Team