Business Brent crude futures surged above US$70 a barrel on Monday for the first time since the COVID-19 pandemic began, while U.S. crude touched its highest in more than two years, following reports of attacks on Saudi Arabian facilities.
FILE PHOTO: A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson
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LONDON: Oil prices slipped on Monday after earlier climbing above US$70 a barrel for the first time since the COVID-19 pandemic began after attacks on Saudi Arabian oil facilities.
Yemen's Houthi forces fired drones and missiles at the heart of the Saudi oil industry on Sunday, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports. Riyadh said there were no casualties or loss of property.
AdvertisementAdvertisementBenchmark Brent climbed as high as US$71.38 a barrel in early Asian trade, its highest since Jan. 8, 2020. By 1019 GMT, it was trading down 30 cents or 0.4per cent at US$69.06.
U.S. West Texas Intermediate (WTI) crude was down 22 cents or 0.3per cent at US$65.87 after touching US$67.98 a barrel, its highest since October 2018.
Brent and WTI prices have climbed for four consecutive sessions.
GRAPHIC: Brent crude tops US$70, WTI hits 2-year highs after reports of attacks on Saudi Arabian facilities - https://fingfx.thomsonreuters.com/gfx/ce/qmyvmwzemvr/BrentvsWTI.png
AdvertisementAdvertisement"There are no reports of lasting damage or disruptions to oil flows ... Today’s risk premium will soon fade," said Norbert Rucker, analyst at Swiss bank Julius Baer.
The attack follows last week's move by the Organization of the Petroleum Exporting Countries, Russia and their oil producing allies, known as OPEC+, to agree on broadly sticking with output cuts despite rising crude prices.
Adding support, the U.S. Senate approved a US$1.9 trillion stimulus bill, which is expected to boost fuel demand as the economy gets a lift. Economic data from the United States and China was also positive.
GRAPHIC: Brent crude oil prices top US$70/barrel for the first time since the COVID-19 pandemic began - https://fingfx.thomsonreuters.com/gfx/ce/bdwpknxbwvm/BrentCurveMar82021.png
(Reporting by Noah Browning and Florence Tan; Editing by Ana Nicolaci da Costa and Edmund Blair)
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08 Mar 2021 06:35PM [h=2]Share this content[/h]
[h=2]Bookmark[/h]
LONDON: Oil prices slipped on Monday after earlier climbing above US$70 a barrel for the first time since the COVID-19 pandemic began after attacks on Saudi Arabian oil facilities.
Yemen's Houthi forces fired drones and missiles at the heart of the Saudi oil industry on Sunday, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports. Riyadh said there were no casualties or loss of property.
AdvertisementAdvertisementBenchmark Brent climbed as high as US$71.38 a barrel in early Asian trade, its highest since Jan. 8, 2020. By 1019 GMT, it was trading down 30 cents or 0.4per cent at US$69.06.
U.S. West Texas Intermediate (WTI) crude was down 22 cents or 0.3per cent at US$65.87 after touching US$67.98 a barrel, its highest since October 2018.
Brent and WTI prices have climbed for four consecutive sessions.
GRAPHIC: Brent crude tops US$70, WTI hits 2-year highs after reports of attacks on Saudi Arabian facilities - https://fingfx.thomsonreuters.com/gfx/ce/qmyvmwzemvr/BrentvsWTI.png
AdvertisementAdvertisement"There are no reports of lasting damage or disruptions to oil flows ... Today’s risk premium will soon fade," said Norbert Rucker, analyst at Swiss bank Julius Baer.
The attack follows last week's move by the Organization of the Petroleum Exporting Countries, Russia and their oil producing allies, known as OPEC+, to agree on broadly sticking with output cuts despite rising crude prices.
Adding support, the U.S. Senate approved a US$1.9 trillion stimulus bill, which is expected to boost fuel demand as the economy gets a lift. Economic data from the United States and China was also positive.
GRAPHIC: Brent crude oil prices top US$70/barrel for the first time since the COVID-19 pandemic began - https://fingfx.thomsonreuters.com/gfx/ce/bdwpknxbwvm/BrentCurveMar82021.png
(Reporting by Noah Browning and Florence Tan; Editing by Ana Nicolaci da Costa and Edmund Blair)
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