Crude oil prices jump after attack on Saudi oil facilities

The market reaction was violent: US oil futures surged as much as 15% when trading opened, while the price of Brent crude, the international benchmark, spiked 20%.

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Crude oil futures are trading at their highest levels since July after attacks on oil facilities in Saudi Arabia disrupted about half of the kingdom’s production capacity, or more than 5% of the global supply of crude.The market reaction was violent: US oil futures surged as much as 15% when trading opened, while the price of Brent crude, the international benchmark, spiked 20%.

Prices retreated slightly after US President Donald Trump said he had authorized the use of oil from the country’s emergency reserve. In a series of tweets, Trump said that he had ordered that oil from the Strategic Petroleum Reserve, or SPR, be used “if needed.”Even so, US oil futures were trading near $60 per barrel during the European morning, a gain of nearly 9%. Brent crude, the global benchmark, was roughly 10% higher at $66 per barrel.

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