According to Angel Commodities, on Monday, WTI Crude prices surged over 14.6 percent to close at $62.9 per barrel.
Angel Commodities' report on Crude Oil
On Monday, WTI Crude prices surged over 14.6 percent to close at $62.9 per barrel. The significant movement was seen in the Crude prices after two oil facilities in Saudi (Abqaiq and Khurais) were attacked eliminating about 5.7 million barrels of production. Saudi which was traditionally considered the world's Crude supplier of last resort might have to suspend its operations to half and raise severe supply concerns for Crude. However, the gains might be capped due to an evident slowdown in China which is one of the biggest consumers of Crude. China’s industrial growth slumped to its weakest levels in over 17 years due to weakening of domestic demand and escalating tension between U.S. & China.
Severe attacks on Saudi’s two major oil facilities might lead to global shortage and in turn support Crude. However, slowdown in China might limit the gains. We expect oil prices to trade higher today, international markets are trading lower by 1.5 percent at $61.72 per barrel.
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