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Oil slips as market assesses fallout from Saudi attack
[DAWN] Oil prices slid on Tuesday, although the market remains on tenterhooks over the threat of a military response to attacks on Soddy Arabia...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face... n crude oil facilities that halved the kingdom's output and prompted a price spike not seen in decades. Saturday's attacks raised the prospect of a major supply shock in a market that in recent months has focused on demand concerns due to the pressure on global growth from an ongoing United States-China trade dispute. Saudi Arabia is the world's top oil exporter and has been the supplier of last resort for decades. Brent crude was down 36 cents, or 0.5 per cent, at $68.66 a barrel at 9:30 GMT, and West Texas Intermediate was down 57 cents, or 0.9pc, at $62.33 a barrel. Earlier, the crude benchmarks both fell by around 2pc. On Monday, the prices surged nearly 20pc in intraday trading in response to the attacks, the biggest jump in almost 30 years, before closing nearly 15pc higher at four-month highs. Saudi energy minister Prince Abdulaziz bin Salman will hold a news conference at 8pm local time. State-owned producer Saudi Aramco has not given a specific timeline for the resumption of full output. "All eyes will be on the Saudi news conference," said Samuel Ciszuk, founding partner at Stockholm-based ELS Analysis. "We need a proper damage assessment, we need to see a recovery plan. Before that, we don't really know how much oil will be offline for how long and that's the basic question people having been posing since Saturday." Related: Oil prices: 2019-08-27 China lets yuan sink, Trump says serious talks to start Oil prices: 2019-08-23 OPEC's market share sinks - and no sign of wavering on supply cuts Oil prices: 2019-08-14 Oil prices fall on demand concerns, rising US output Posted by: Fred 2019-09-18 |
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