Oil prices rose sharply on Thursday, supported by supply risks as the market assesses the fallout from last weekend’s drone attacks on Saudi oil infrastructure. Brent crude futures gained $1.78 to $65.38 a barrel by 1219 GMT, while U.S. West Texas Intermediate crude was up $1.28 at $59.39 a barrel.
The attacks knocked out around half of Saudi Arabia’s crude production and severely limited the country’s spare capacity, a cushion for oil markets in any unplanned outage.
“Global available spare capacity is extremely low at present following the weekend attacks, leaving little room for additional outages, which tends to be price supportive,” UBS oil analyst Giovanni Staunovo said.
Earlier this week Saudi Arabia set out a timeline for a resumption of full operations, saying it had restored supplies to customers at levels prior to the attacks by drawing from its oil inventories. Read More
Latest posts by ETEnergy World(Reuters) (see all)
- Goa government departments in list of defaulters with Rs 145-cr power dues - October 4, 2019
- If discoms have their way, power will become costlier in Madhya Pradesh - October 1, 2019
- Reliance Power ‘ideally’ placed for strong performance: Anil Ambani - September 30, 2019