Oil prices surge after attacks on Saudi oil facilities

2019-09-18 02:56:48 GMT2019-09-18 10:56:48(Beijing Time) Xinhua English

NEW YORK, Sept. 16 (Xinhua) -- Oil prices surged on Monday after drone attacks hit Saudi Arabia's key oil facilities and forced the country to cut its crude oil output by half.

The drone attacks were reported at dawn of Saturday with several explosions on Saudi Aramco plants in Khurais and Abqaiq in the east of the country, resulting in fires that were later controlled.

According to preliminary estimates, the explosions led to the interruption of a quantity of crude oil supplies estimated at 5.7 million barrels, or about 50 percent of the company's production.

The West Texas Intermediate (WTI) for October delivery increased 8.05 U.S. dollars to settle at 62.9 dollars a barrel on the New York Mercantile Exchange, and Brent crude for November delivery increased 8.8 dollars to close at 69.02 dollars a barrel on the London ICE Futures Exchange.

 

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