Oil prices retreated on Monday after hitting their highest since May at the open...
SEOUL/NEW YORK - 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.
U.S. West Texas Intermediate 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. Aramco gave no timeline for output resumption. A source close to the matter told Reuters the return to full oil capacity could take “weeks, not days.”
The attack on plants in the heartland of Saudi Arabia’s oil industry, including the world’s biggest petroleum-processing facility, came from the direction of Iran, and cruise missiles may have been used, according to a senior U.S. official. “Any expectation that the market had about the U.S. easing sanctions on Iran following President Trump’s dismissal of John Bolton will quickly dissipate. This should see Brent crude test the $70 per barrel mark in the short term,” ANZ Research said.
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