ReportedShipping, energy & marketsGlobal oil markets
Brent rises to $115.70 as traders price Saudi supply concerns
- Mountain Time
- Local time
- 3:53 AM UTC, Oct 28
- Where
- Global oil markets
OilPrice.com reports that Brent futures rose 1.62% to $115.70 a barrel and WTI rose 1.34% to $101.20 in early Asian trading Wednesday. The outlet attributed the gains to concerns about Saudi supplies following Houthi attack claims, falling U.S. inventories and reports of possible further U.S. military action. Saudi authorities had not confirmed a direct hit on Ras Tanura, and major operational disruption had not been independently verified.
Why it matters
The rebound reverses part of Tuesday’s nearly $2 decline and raises crude acquisition costs without a confirmed refinery outage.
Source
- OilPrice.comoilprice.comPublished
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