empty
 
 

2019.09.1706:22:00UTC+00Oil Prices Pause For Breath After Dramatic Rise

Oil prices fell over 1 percent on Tuesday after surging in the aftermath of drone attacks on two major oil facilities in Saudi Arabia.

Benchmark Brent crude declined 1.45 percent to $68.02 a barrel while West Texas Intermediate futures were down 1.4 percent at $61.78 a barrel.

Oil soared as much as 20 percent at one point on Monday after the devastating attacks that knocked out 5 percent of global crude supply.

The rally halted today after the United States hinted at the possible release of crude reserves.

In addition, investors await updates regarding the resumption of operations in Saudi Arabia.

Earlier, it was expected Saudi would be able to restore some of its major output facilities within days. The Bloomberg said later, quoting officials, that it would take weeks or even months.

Meanwhile, U.S. President Donald Trump said that Washington was ready to respond to the strike but he would "like to avoid" a military conflict with Tehran.

"That was a very large attack and it could be met with an attack many, many times larger very easily by our country, but we are going to find out who definitively did it first," Trump said.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback