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Oil Prices Soar after Saudi Facility Attacks
Oil prices surged to four-month highs on Monday after attacks on crude facilities in Saudi Arabia as supply fears sparked. The strikes on the facilities, which occurred in the weekends, halted 5% of the world’s oil production.
Crude Futures on both sides of the Atlantic hit their highest since May, but came off their peaks after U.S. President Donald Trump authorized the use of the country’s emergency stockpile to ensure supply stability.
Trump had also said that the US was “locked and loaded” for a potential response to the strikes on the Saudi facilities after a senior official in his administration blamed the attack on Iran.
Tensions in the oil-producing Gulf region has dramatically escalated this year after Trump imposed severe U.S. sanctions on Iran with aims to halt its oil exports altogether.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
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