Oil prices rise sharply after attack on Saudi oil fields

16/09/2019 09:18 Oil Market

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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

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