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Crude oil settles 15% higher on biggest ever oil-supply disruption

by ChemOrbis Editorial Team -
  • 17/09/2019 (09:55)
On September 16, the oil future markets closed with sharp increases amid record trading volumes, after a drone attack on Saudi Aramco’s oil facilities caused the biggest disruption to world oil supplies.

Brent crude oil futures, the international benchmark, jumped $8.80 to settle at $69.02 b/d, logging an all-time daily volume record as well as the largest daily percentage gain since at least 1988.

The US benchmark West Texas Intermediate (WTI) futures also soared $8.05 and closed at $62.90 b/d, marking the biggest daily percentage gain since December 2008.

Meanwhile, speaking to local reporters, the energy minister of the United Arab Emirates (UAE) said that the OPEC had sufficient spare capacity to respond in case of a supply shortage. The US President Trump also said to reporters that the US could release some of its strategic oil reserves to help cushion the rising oil prices.
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