Brent spikes over $70 for first time since start of pandemic, Saudi facilities attacked

08.03.2021 - Davydova Maria
Brent spikes over $70 for first time since start of pandemic, Saudi facilities attacked

Brent crude futures rose above $70 per barrel on Monday for the first time since the onset of the coronavirus pandemic. The U.S. crude hit its strongest level in over two years after Saudi Arabian facilities were reported to be attacked.

Brent crude futures for May contract rose to $71.38 per barrel in early Asain session, its highest since Jan. 8, 2020, when it was at $71.11

U.S. West Texas Intermediate crude for April delivery gained 2.4%, or $1.60, at $67.69. The front-month WTI price hit $67.98 per barrel earlier, its highest since October 2018. 

The U.S. Senate passed a $1.9 trillion coronavirus package, while upbeat economic data from China and the United States boosted hopes for a global economic recovery.

Yemen’s Houthi forces fired missiles and drones at Saudi Arabia’s oil industry on Sunday. Riyadh says the failed assault is a matter of global energy security.

Brent and WTI prices rose for the fourth straight session after OPEC and its allies chose to carry out production cuts through April. 

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?