WTI Crude Oil Prices Soar After Attacks on Saudi Oil Facilities
Crude oil has started the brand new trading note on an extremely bullish note over news that Saudi oil facilities have been attacked, with
Crude oil has started the brand new trading note on an extremely bullish note over news that Saudi oil facilities have been attacked, with prices of WTI soaring to the highest levels seen in over two years even as UK Brent crosses the $70 level. At the time of writing, WTI crude oil is trading at around $67.47 per barrel.
WTI crude oil gained as much as 2.4% in early trading on Monday, touching a high last seen in October 2018 on the back of reports that Yemen’s Houthi rebels had launched missile and drone attacks on Saudi Arabia’s oil facilities, including Saudi Aramco. The kingdom has called the attack as an attempt to affect the security and stability of global energy supply.
The rising geopolitical tensions in the Middle East have sent crude oil prices surging, as attacks on Saudi Arabian targets increase in frequency. Analysts forecast the bullishness in oil to continue in the near future, even as traders had previously cheered the OPEC+ decision to maintain deeper supply cuts into April.
Crude oil has been trading bullish for the fourth consecutive session, with prices strengthening over relief that the leading oil producing nations could maintain deeper production curbs until the pandemic-related outlook improves. In its latest meeting held last week, the group admitted that, despite the rollout of the COVID-19 vaccines across several parts of the world, there are still uncertainties on the pace of recovery in the global economy and oil demand.
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