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Oil Set for Biggest Weekly Gain Since January After Saudi Attack
Friday, 20 September 2019 20:23 WIB | ENERGY |MinyakMinyak WTIMinyak Brent

Oil in London was on track for its biggest weekly increase since January as traders waited to see whether Saudi Arabia can fulfill promises to swiftly repair critical facilities attacked last weekend.

The world's biggest crude exporter has vowed to restore its Abqaiq processing plant and Khurais oil field this month after an aerial strike disabled 5% of global supply and triggered Brent's biggest-ever one-day jump. On Friday Saudi Aramco showed reporters the Khurais site, revealing substantial damage to at least two of its five stabilization towers.

Brent crude for November settlement rose 1.3% to $65.24 a barrel on the ICE Futures Europe Exchange at 2:07 p.m. local time, and is up 8.3% this week. Options traders have become the most bullish on Brent in eight years, with the price of one-month benchmark calls relative to puts at the highest since 2011.

West Texas Intermediate for October delivery gained 97 cents, or 1.7%, to $59.10 a barrel on the New York Mercantile Exchange. The American benchmark is up 7.8% this week, the most since June.

Source : Bloomberg

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