Mumbai, Sep 14 (IANS): Drone attacks at the world's largest oil processing facility of Aramco in Saudi Arabia and the recent optimism in US-China trade relations could boost oil prices, analysts have said.
The drone attacks claimed by Yemen's Houthi rebels set alight two major oil facilities run by the state-owned company Aramco in Saudi Arabia on Saturday, the Kingdom's Interior Ministry said.
Owing to subdued demand and trade tension, Brent Crude declined for the fourth consecutive session on Friday.
Brent crude oil prices closed on Friday, slightly higher than the $60 barrel.
"News of attack on a major oil producer as well as the easing of trade tension will certainly boost the oil prices," Anuj Gupta of Angel Broking told IANS.
However, experts noted that the global growth concerns could cap the gains in the oil prices.
The Saudi Press Agency, citing a statement by the Ministry, said that the drones caused the fire at the refinery in the city of Abqaiq in the Kingdom's oil-rich Eastern Province, as well as the blaze at the Khurais oil field, around 150 km from Riyadh.
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Rathan, Mangalore
Sun, Sep 15 2019Something fishy as this happened just after change in oil ministry of SA
Trying to increase the oil price by hook or crook?
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ad, mangaluru
Sun, Sep 15 2019Oil money terrorizing Yemeni people. They will recover money by raising price from public and insurance.
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Kishore Kumar, Mangaluru
Sun, Sep 15 2019True, oil money is terrorizing people throughout the world. Urgently some alternative is required replace the oil and free the world from terrorists...
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Jossey Saldanha, Atlanta
Sun, Sep 15 2019India's Business is already on Fire ...
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Mangalurian, Mangaluru
Sun, Sep 15 2019As per reports, the fires were brought under control.
But, with so much of over-supply in the market, the crude is not expected to rise above US$60.
So, if the movers and shakers are expecting a windfall as a result of the fires, it is almost certainly an unrealistic expectation.
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