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...- China’s seasonal demand sparks opposite views among PP, PE players; SEA outlook still bleak
- Middle East financial results offer mixed bag in Q2/H1 2024
- Waning cost support, demand sour PET sentiment in Italy and West Europe
- India’s PP, PE markets extend declines in Sept; will post-monsoon demand kick in?
- Local PVC prices see fresh drops across Southeast Asian markets
- Stats: EU27’s H1 2024 polymer imports down on year; PVC sees sharpest decline
- Asian petchem producers’ Q2/H1 results hampered by overcapacity
- Türkiye’s PP, PE markets on hold ahead of Sept offers
- BIS out of the way for now, Asian PVC players to vie for space in India
- Freight rates continue to fall, Asia-US routes buck the trend
