Oil declines following Saudi attack - GulfToday

Oil declines following Saudi attack

  • 08 Mar 2021
Norway Oil

Picture used for illustrative purpose. File

Gulf Today Report 

Oil prices dropped on Monday after recording more than $70 a barrel gains due to the attacks on Saudi Arabian oil facilities.

Benchmark Brent climbed as high as $71.38 a barrel while US West Texas Intermediate (WTI) crude was down 22 cents or 0.3% at $65.87 after touching $67.98 a barrel. 

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Yemen's Houthi forces fired drones and missiles at the heart of the Saudi oil industry on Sunday, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports. Riyadh said there were no casualties or loss of property.

The Saudi attack came after OPEC+ agreed to stick with output cuts despite the increase in crude prices.

 

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