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  • Oil prices soar after Saudi plant attacks

    Published on September 16, 2019

    Brent crude jumped 10% to 66.28 Dollar a barrel, while West Texas Intermediate rose 8.9% to 59.75 Dollar in Asian trading. Prices pulled back slightly after US President Donald Trump authorized the release of US reserves. The drone strike on Saudi’s oil facilities, which the US blames on Iran, has sparked fears of increased risk to energy supplies in the region.

    The drone attacks on plants in the heartland of Saudi Arabia’s oil industry included hitting the world’s biggest petroleum-processing facility. It could take weeks before the facilities are fully back on line. State oil giant Saudi Aramco said the attacks cut output by 5.7 million barrels per day.

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