Crude Oil Brent crude oil prices rose more than 1% on Thursday on fears of longer-than-expected supply shortfalls following Saturday’s attacks. Brent futures rose 80 cents to settle at $64.40 a barrel. WTI crude futures, however, did not move much rising just 2 cents to settle at $ 58.14/ bbl. Energy infrastructure on the US Gulf Coast was hit hard by Tropical Storm Imelda on Thursday, as flooding forced a major refinery to cut production…
Read MoreCrude Oil Oil prices retreated about 2% on Wednesday, extending the previous day’s declines after Saudi Arabia said it would quickly restore full production. Brent crude futures fell 95 cents to settle at $63.60 a barrel. WTI crude futures fell $1.23 to settle at $58.11 a barrel. The Saudi Defence Ministry held a news conference, displaying drone and missile debris it said was “undeniable” evidence of Iranian aggression. US Secretary of State, Mike Pompeo, described…
Read MoreCrude Oil Oil prices tumbled about 6% on Tuesday after Saudi Arabia’s energy minister said the country has managed to restore oil supplies to where they stood before the weekend attacks. Brent crude futures sank $4.47, or 6.5%, to settle at $64.55 a barrel. WTI crude futures fell $3.56, or 5.7%, to settle at $59.34 a barrel. During a news conference on Tuesday, Saudi Energy Minister Prince Abdulaziz bin Salman said the kingdom has recovered…
Read MoreCrude Oil Oil ended nearly 15% higher on Monday, with Brent logging its biggest jump in over 30 years amid record trading volumes, after an attack on Saudi Arabian crude facilities cut the kingdom’s production in half and fanned fears of retaliation in the Middle East. Brent crude settled at $69.02 a barrel, rising $8.80, or 14.6%, its biggest one-day percentage gain since at least 1988. WTI futures ended at $62.90 a barrel, soaring $8.05,…
Read MoreOver the weekend, drones attacked the world’s most important crude processing facility at Abquaiq and the nearby oil field Khuras, on Saturday morning. Brent crude futures jumped to as high as $ 71 / bbl before retracing to around $ 66 /bbl at the time of writing. In the midst of all the uncertainty prevailing in the region, we attempt to examine what is at stake, what are the most crucial short term and long…
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