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Oil prices see largest intra-day jump in nearly 30 years

by ChemOrbis Editorial Team - content@chemorbis.com
  • 16/09/2019 (12:15)
On Monday, oil prices spiked by around 20% during the early trading hours in Asia after the news broke that the two largest oil processing plants in Saudi Arabia were hit by multiple drone strikes, causing a massive fire on the night of September 14.

As a result of the attacks, the world’s largest oil company Saudi Aramco had to halt its oil output by 5.7 million barrels/day, which accounts 5% of the world’s total oil production.

The massive reduction of oil supply have had a major impact on oil prices during intra-day sessions in Asia. In the early trading hours of Monday, Brent crude futures soared by 19.5% to see $71.95/bbl, the biggest intra-day gain since 1991. The other benchmark West Texas Intermediate (WTI) crude futures also spiked by 15.5% to $63.34/bbl, marking the largest intra-day jump since 1998.

Brent crude oil futures are now trading at around $65.48/bbl, up by $5.26 or 8.73% from its previous close on September 13. WTI NYMEX crude oil is hovering at around $59.14/bbl, indicating a 4.29$ surge or 7.82% from its last settlement.
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