Brent, WTI Crude Oil Prices Up 12% As Saudi Production Threatened By Recent Attacks

Mohammad Ali (@ChaudhryMAli88) Published September 16, 2019 | 03:40 AM

MOSCOW (UrduPoint News / Sputnik - 16th September, 2019) Oil prices jumped by about 12-13 percentage points following recent drone attacks on major Saudi Arabian oil facilities, market data shows.

November futures for North Sea Brent crude have jumped from $60.15 per barrel at the last close to $71.62 per barrel, while the West Texas Intermediate (WTI) November futures rose from $54.8 to $63.47 per barrel.

US President Donald Trump said on Twitter that he has given the green light to the release of oil from the emergency storage, the Strategic Petroleum Reserve (SPR), if it is required to stabilize the oil prices after attacks on two Saudi Aramco plants.

The drone attacks, which occurred in the early hours of Saturday, led to production suspension of 5.7 million barrels of crude oil per day, which is about half of Saudi Arabia's total daily production.