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[rtl]Release date:: 9/17/17 0:34 • 619 times read[/rtl]
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Oil closed up nearly 15% on Monday, with Brent making the biggest jump in 30 years, with record volumes, after an attack on two Saudi crude facilities cut the kingdom's output by half, stoking fears of retaliation in the Middle East.
Brent crude futures were set at $ 69.02 a barrel, up $ 8.80, or 14.6%, the biggest one-day percentage increase since at least 1988.
U.S. West Texas Intermediate (WTI) crude futures closed at $ 62.90 a barrel, up $ 8.05, or 14.7 percent, in the biggest one-day percentage gain since December 2008.
Volume also rose, surpassing Brent's two million- dollar contract, in record high daily volume, it said. Rebecca Mitchell is spokesperson for the Intercontinental Exchange.
"The attack on the Saudi oil facility created a shock and a surprise to the market ... it was more focused on demand, not supply," said Tony Hedrick, energy market analyst at CHS Hedging.
He added, "I think that a sudden change occurred in terms of supply expectations, which was taken by surprise many of their positions were owed, and encouraged the formation of more creditor centers." is over
https://alforatnews.com/modules/news/article.php?storyid=211669
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The biggest jump in oil prices in 30 years
[/rtl][rtl]Release date:: 9/17/17 0:34 • 619 times read[/rtl]
Oil closed up nearly 15% on Monday, with Brent making the biggest jump in 30 years, with record volumes, after an attack on two Saudi crude facilities cut the kingdom's output by half, stoking fears of retaliation in the Middle East.
Brent crude futures were set at $ 69.02 a barrel, up $ 8.80, or 14.6%, the biggest one-day percentage increase since at least 1988.
U.S. West Texas Intermediate (WTI) crude futures closed at $ 62.90 a barrel, up $ 8.05, or 14.7 percent, in the biggest one-day percentage gain since December 2008.
Volume also rose, surpassing Brent's two million- dollar contract, in record high daily volume, it said. Rebecca Mitchell is spokesperson for the Intercontinental Exchange.
"The attack on the Saudi oil facility created a shock and a surprise to the market ... it was more focused on demand, not supply," said Tony Hedrick, energy market analyst at CHS Hedging.
He added, "I think that a sudden change occurred in terms of supply expectations, which was taken by surprise many of their positions were owed, and encouraged the formation of more creditor centers." is over
https://alforatnews.com/modules/news/article.php?storyid=211669
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