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...- Saudi PP, PE markets reverse course in Feb after 8 months, maintenance schedule busy in Mid-East
- Freight carriers aim to manage supply-demand balance by blanking more sailings
- PP and PE markets set to rebound from two-year lows in Europe
- PET sellers hunt for signs of market bottom in Europe
- India’s import PP, PE markets rebound in Jan after several months of declines
- Tight supplies keep Asian PVC markets bullish
- Crude oil market sentiment turns in favour of bulls
- Will European PVC take a breather from 9-month downtrend in February?
- Supply limitations bolster Feb PP and PE outlook in Turkey
- China’s import PP markets climb to 6-month highs prior to Lunar New Year
