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