Crude Oil Oil prices skyrocketed this morning after a weekend after drones attacked the world’s most important crude processing facility at Abquaiq and the nearby oil field Khuras, on Saturday morning. Roughly about 5.7 mbpd of Saudi’s crude processing facility was affected. Saudi Aramco says it expects to restore around a third of this capacity by the end of today. Brent crude futures jumped to as high as $ 71 / bbl before retracing to…
Read MoreCrude Oil Oil prices continued to retrace on Thursday after a media report cast doubt on the possibility of an interim U.S.-China trade deal. Brent crude futures settled 43 cents lower at $ 60.38 /bbl. WTI crude futures settled 66 cents lower at $54.95 /bbl. Oil futures extended losses after a senior White House official denied a Bloomberg News report that the United States was considering a temporary trade agreement with China. Earlier, prices had…
Read MoreCrude Oil Oil prices tumbled more than 2% on Wednesday after a report that U.S. President Donald Trump weighed easing sanctions on Iran. Brent crude futures settled $1.57 lower at $ 60.81 /bbl. WTI crude futures settled $ 1.65 lower at $55.61 /bbl. Market participants cited a report from Bloomberg that Trump discussed easing sanctions on Iran to help secure a meeting with Iranian President Hassan Rouhani later this month. The Bloomberg report, attributed to…
Read MoreCrude Oil Oil prices edged lower on Tuesday after U.S. President Donald Trump fired national security adviser John Bolton. Brent crude futures settled 21 cents lower at $ 62.38 /bbl. WTI crude futures settled 45 cents lower at $57.40 /bbl. Trump abruptly fired Bolton amid disagreements over how to handle foreign policy challenges such as North Korea, Iran, Afghanistan and Russia. The exit of Bolton, who took a strident stance against Iran, raised speculation of…
Read MoreCrude Oil Oil prices rose about 2% on Monday after the new Saudi energy minister, Prince Abdulaziz bin Salman, confirmed expectations that he would stick with his country’s policy of limiting crude output to support prices. Brent crude futures settled $ 1.05 higher at $ 62.59 /bbl. WTI crude futures settled $1.33 higher at $57.85 /bbl. Prince Abdulaziz said the pillars of Saudi Arabia’s policy would not change and a global deal to cut oil…
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