Oil prices jump on Saudi attacks, equity futures fall and gold gains
Ipek Ozkardeskaya of MBAex - InsideFutures.com - Mon Sep 16, 12:09AM CDT

Brent crude jumped 19%, as WTI crude surged 15% at the weekly opening bell, after a drone attack on Saudi Arabias state oil company Aramco halved the countrys production over the weekend.

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As the dust settles, oil markets consolidate gains near 10% in the session, with the possibility of a deeper downside correction as Saudi said it could restore the half of production by Monday, and Donald Trump allowed the US to tap into the countrys Strategic Petroleum Reserve as a buffer.

In addition, the Chinese industrial production growth slowed to 4.4% y-o-y in August, versus 5.2% expected by analysts. Retail sales weakened to 7.5% over the same period versus 7.9% expected by analysts and 7.6% printed a month earlier. Slower production and sales data in China kept the worries of a weaker global demand on the table, despite the short-term supply shortages in oil markets.

Read the full LCG article

https://www.lcg.com/int/analysis-education/market-reports/articles/oil-prices-jump-on-saudi-attacks-equity-futures-fall-and-gold-gains/

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