Crude oil settles 15% higher on biggest ever oil-supply disruption
by ChemOrbis Editorial Team - content@chemorbis.com
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.
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.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- PLAST EURASIA 2023: Players discuss PP, PE outlook amid financial challenges
- Stats: India’s Jan-Sep PVC imports surge, China takes the lion’s share despite safeguard investigation
- Sentiment weakens across African PP, PE markets in November
- HDPE film drops faster than other two main PE film grades in China
- PE prices see larger drops than C2 in Italy, unlike West Europe
- Weak demand sends Türkiye’s styrenics markets to multi-month lows
- Bearish sentiment spills over to Middle Eastern PP, PE markets in November
- Dull demand dents PE outlook in SE Asia for rest of year
- China’s local PP markets snap 6-week downtrend, players skeptical
- PP resumes downtrend after short break in Italy and West Europe
