Oil jumps after attack on Saudi field

Oil jumps after attack on Saudi field

Oil prices on Monday after a weekend attack on a Saudi oil facility by Yemen’s Houthi forces and as traders looked for signs that top economies would take measures to counteract a global slowdown.

Prices were limited by a downbeat report by the Organization of the Petroleum Exporting Countries (OPEC) that stoked concerns about growth in oil demand. Brent crude, the international benchmark for oil prices, was up $1.01, or 1.7%, at $59.65 a barrel. U.S. West Texas Intermediate (WTI) crude futures gained $1.23, or 2.2%, to $56.13 a barrel.

A drone attack by the Houthi group on an oilfield in eastern Saudi Arabia on Saturday caused a fire at a gas plant, adding to Middle East tensions, but state-run Saudi Aramco said oil production was not affected. Read More

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