navid110 wrote: Sun Sep 15, 2019 7:11 am Oil could rise $10 per barrel after drone attack reportedly forces Saudi to cut output in half


Ten drones attacked one of Saudi Arabia’s largest oilfields in Hijra Khurais and the world’s biggest crude processing facility at Abqaiq on Saturday, reportedly causing a loss of almost five million barrels of crude production a day.

Although it’s still too early to tell the extent of the damage and how long the facilities will be shut down, oil analysts told CNBC the impact on the commodity prices could be up to double digit.

“This is a big deal,” said Andrew Lipow, president of Lipow Oil Associates. “Fearing the worst, I expect that the market will open up $5 to $10 per barrel on Sunday evening.”

“If Abqaiq kills talks of easing sanctions and the discussion turns to retaliation and escalation, I think oil could easily trade higher by $10 or more,” said Bob McNally, president at Rapidan Energy Group.

more @ https://www.cnbc.com/2019/09/14/oil-cou ... utput.html