Oil Prices Surge 15% after Attack on Saudi Facility Hits Global Supply
2019-09-16 - 12:28 p
Bahrain Mirror- Reuters: Oil prices surged more than 15% at the open on Sunday after an attack on Saudi Arabia's oil facilities on Saturday that knocked out more than 5% of global oil supply.
Brent crude futures jumped more than 19% to a session high of $71.95 a barrel at the opening, while U.S. crude futures surged more than 15% to a session high of $63.34 a barrel.
State oil giant Saudi Aramco said the attack cut output by 5.7 million barrels per day, at a time when Aramco is trying to ready itself for what is expected to be the world's largest share sale.
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."