Oil extends gains as Brent jumps more than 12%

Economies.com
2019-09-16 16:09PM UTC

Oil prices jumped today, after two sabotage attacks on Saudi Aramco's oil facilities.

 

News agencies reported on the weekend two drone attacks on two Aramco's oil facilities in Abqaiq and Khurais.

 

The Saudi Energy Minister, Prince Abdulaziz bin Salman stated that these attacks have suspended 50% of production in the attacked facilities.

 

President Trump's administration accused Iran of being behind the attacks and the US Secretary of Energy Rick Perry proposed an international coalition of oil producers and consumers to counter Iran's activities in the region.

 

Brent jumped by the biggest daily gain in dollars since the Gulf War, weighed by global markets' concern about crude supplies and overall economic growth as a result of the jump in prices.

 

Oil prices surged today, and Brent notched the largest daily gains (in dollars) since the first Gulf War, on markets' concerns over global supplies and economic growth.

 

As of 15:51 GMT, WTI rose by 11.6% to $61.2 a barrel, with an intraday high of $63.3 and a low of $58.7.

 

Brent jumped 12.1% to $67.5 a barrel, with a high of $71.9 and a low of $64.6.

Commodities News

Gold News

Commodities

Gold hits fresh record highs, marking a 6% quarterly profit
2024-03-28 20:28PM UTC
Gold Prices Gold prices rose on Thursday to fresh record highs while the dollar eked out gains ...
Copper News

Commodities

Copper edges up while facing pressures from Chinese demand concerns
2024-03-28 16:45PM UTC
Copper prices rose modestly on Thursday while the dollar gained ground, with ongoing concerns about ...
Oil News

Commodities

Oil prices extend gains after strong US growth data
2024-03-28 13:03PM UTC
Global Oil Prices Global oil prices extended their gains in American trade on Thursday and hit ...

Commodities Technical Analysis

Natural gas Analysis

Commodities

Natural gas price still confined – Forecast today – 29-3-2024
2024-03-29 06:16AM UTC
Natural Gas Price Forecast for Today - 29-3-2024 No news for natural gas price until this ...
Platinum Analysis

Commodities

Platinum price renews the positive action – Forecast today – 29-3-2024
2024-03-29 06:10AM UTC
Platinum Price Forecast for Today - 29-3-2024 Platinum price confirmed keeping the bullish ...
Copper Analysis

Commodities

Copper price gets the positive momentum – Forecast today – 29-3-2024
2024-03-29 06:09AM UTC
Copper Price Forecast for Today - 29-3-2024 Copper price repeated the positive stability ...