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Energy Today: Crude Oil Surges after Attack on Saudi’s Largest Crude Terminal

8 Mar 2021 8:02 am
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Mumbai Commodities Control - Oil prices edged higher in early Asian trading hours on Monday after Saudi Arabia said the world’s largest crude terminal was attacked, although output appeared to be unaffected after the missiles and drones were intercepted.

WTI oil is trading higher by more than 2% at 67.80 per barrel while Brent oil is trading above $71 a barrel.

The Saudi said a storage tank at Ras Tanura in the country’s Gulf coast was attacked on Sunday by a drone from the sea.

The terminal is capable of exporting roughly 6.5 million barrels a day, nearly 7% of oil demand.

Oil climbed last week after Saudi Arabia and OPEC+ made a surprise pledge to keep output steady in April, accelerating a rally this year that has seen prices surge more than 35%.

Bullish Chinese export data and the outlook for U.S. stimulus also supported oil.

Chinese trade surplus increased to $676 billion in February from $517 billion in January.

President Joe Biden is on the cusp of his first legislative win with the House ready to give passage to his $1.9 trillion Covid-19 relief plan.

MCX oil futures are forecast to surge towards Rs. 5,000 per barrel.



       
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