Oil prices rise sharply after attack on Saudi oil fields

16/09/2019 09:18 Oil Market


Crude oil prices rose by more than 10 percent at the start of Monday's trading day in Asia due to the attack on two oil plants in Saudi Arabia. The price of Brent oil in Singapore rose by $ 11.73 ($ 10.59) to $ 71.95 per barrel, before falling back to below $ 68.

Bloomberg news agency speaks of the "most serious price disruption ever".


The attack on the oil fields caused about 5 percent of worldwide oil production to come to a halt. An increase in oil prices was therefore already expected.


To mitigate the impact of the oil price attack, US President Donald Trump has announced measures. For example, he has given permission to use oil from the country's strategic reserve, if necessary. That reserve was formed after the oil crisis of 1973.


The oil is stored in four underground depots on the Gulf of Mexico in the states of Texas and Louisiana. "More than enough oil!" Trump said on Twitter.

Source: tellerreport.com

Daily (11.10.2019): EU carbon prices climbed by 2.5% on Thursday, following positive negotiations between the UK and Ireland

11/10/2019 10:44:00

Crude oil prices rebounded on Thursday, as OPEC pledges to take a supply decision for next year this December. Trade talks between U.S. and China to be held next week also lent support to prices. Hence, Brent crude rose by 1.3% to 59.10 a barrel, while WTI futures climbed by 1.8% on a daily basis to end at $53.55 a barrel.


Russia blocks coal supplies to Ukraine through Belarus

11/10/2019 09:43:00

Ukrainian MP Mykhailo Volynets, who serves as the chairman of the Independent Trade Union of Miners of Ukraine, has said that Russia has begun blocking coal exports to Ukraine via Belarus, Kosatka Media has reported.


Statkraft scores 660MW Brazil double

11/10/2019 09:38:00

Norwegian energy company Statkraft has acquired two wind farms at an advanced stage of development in Brazil with a combined capacity of about 660MW.