Business

BREAKING: Oil prices leap to $64.59 per barrel as market reacts to Saudi Arabia’s drone attack

Published

4 years ago

March 19, 2021

Track News

THE prices of oil, Friday, rose to an average of $64.59 per barrel as the global market started to react to the latest drone attack on an oil facility in Saudi Arabia.

The attack is significant as Saudi Arabia remains a major member of the Organisation of Petroleum Exporting Countries, OPEC with 9.8 million barrels per day production capacity.

According to market figures, oil prices had risen from $64.20 per barrel to $71.50 last week, amid fears of the attack, but dropped to $63.20 this week because of an unfavourable report by the International Energy Agency, IEA.

However, immediate checks by Vanguard after the attack showed that the price of Brent, usually utilized to benchmark other prices, has already risen to $64.70 per barrel in the global market.

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