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Brent back below $70 after Saudi attack as inflation worries mount

CommoditiesMar 08, 2021 09:05AM ET
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2/2 © Reuters. A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport 2/2

By Noah Browning

LONDON (Reuters) - Oil prices were steady on Monday after pushing above $70 a barrel for the first time since the start of the coronavirus crisis, with support from U.S. stimulus and an attack on Saudi Arabian oil sites countered by global inflation fears.

Brent, which initially surged to $71.38 a barrel, its highest since Jan. 8, 2020, has slipped to trade down 20 cents or 0.2% on the day to $69.16 by 1341 GMT. The benchmark is still hovering around its highest level in more than a year.

U.S. West Texas Intermediate (WTI) crude was down 13 cents or 0.2% at $65.96 after touching $67.98 a barrel, its highest since October 2018.

GRAPHIC: Brent crude tops $70, WTI hits 2-year highs after reports of attacks on Saudi Arabian facilities - https://fingfx.thomsonreuters.com/gfx/ce/qmyvmwzemvr/BrentvsWTI.png

The U.S. Senate passed on Saturday President Joe Biden's $1.9 trillion COVID-19 relief plan, lifting prospects for the economy and fuel demand that has been pummelled by the pandemic.

Adding support, Houthi forces in Yemen fired drones and missiles at Saudi Arabia, including a Saudi Aramco (SE:2222) facility at Ras Tanura that is vital to petroleum exports. Riyadh said there were no casualties or loss of property.

"The spectacular oil price ascent deserves some cautious thinking ... Our balances indicate that the market is already tight enough to achieve a balanced recovery," said Rystad Energy oil markets analyst Louise Dickson.

"Looking ahead, higher crude prices at this stage of COVID-19 economic recovery could be premature," she said.

Global equities dipped on Monday as the U.S. stimulus package and a tech stock rally raised inflation jitters, partly fuelled by the rising oil price.

GRAPHIC: Brent crude oil prices top $70/barrel for the first time since the COVID-19 pandemic began - https://fingfx.thomsonreuters.com/gfx/ce/bdwpknxbwvm/BrentCurveMar82021.png

Crude prices have been buoyant since the Organization of the Petroleum Exporting Countries, Russia and their oil producing allies, known as OPEC+, agreed last week on broadly sticking with output cuts despite rising crude prices.

"There is little data to drive oil over the rest of the session, so sentiment is likely to remain a key force," said Sophie Griffiths is a market analyst with OANDA.

Brent back below $70 after Saudi attack as inflation worries mount
 

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Comments (17)
Alan Rice
Alan Rice Mar 08, 2021 12:45PM ET
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OPEC+: See what happens when You are Reasonable. (Your crude IS WORTH $400/bbl. + !!) (Remember: It takes MILLIONS OF YEARS to 'make' ONE !!) Tic-toc.
Bellal Hossien
Bellal Hossien Mar 08, 2021 8:06AM ET
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Mike Jordan
Mike Jordan Mar 08, 2021 7:34AM ET
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no oil demand just price gouging
Ernie Keebler
Ernie Keebler Mar 08, 2021 7:26AM ET
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Trump working with opec set stage for continued rise during pandemic. Reality; surplus still higher than pre pandemic levels when price $52, we still using lots less, politics and FOMO pushing up $$ will end returning to $40 by june
Đức Phú Nguyễn
Đức Phú Nguyễn Mar 08, 2021 2:34AM ET
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The attacker is USA for sure.
Andy Rotwiboonchai
AndyRot Mar 08, 2021 2:22AM ET
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Was this a setup to push up price?
Joel Schwartz
Joel Schwartz Mar 08, 2021 2:22AM ET
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From the country that needs oil prices to be high for their economy to be worth anything and that murders journalists with bone saws? Yes, absolutely.
Kevin smarte
Kevin smarte Mar 08, 2021 2:03AM ET
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you miss and Trump now
Notvery Goodathis
Peteymcletey Mar 08, 2021 12:14AM ET
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These attacks were basically sanctioned by biden
Notvery Goodathis
Peteymcletey Mar 08, 2021 12:12AM ET
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Wasn't it over $70 before the attack?
John Klan
John Klan Mar 07, 2021 11:58PM ET
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Only 45 days in office Nd we're already paying a dollar more per gallon. Great job Joemala.
Gershom Zvi
Gershom Zvi Mar 07, 2021 11:58PM ET
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You voted for Biden you have it
Joel Schwartz
Joel Schwartz Mar 07, 2021 11:58PM ET
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Do you want to blame the FED at all? Or just Biden? You’re sounding pretty ignorant.
Aydin Zamanian
Aydin Zamanian Mar 07, 2021 11:58PM ET
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Since when are you utilizing brent ?
Zehev Harhar
Zehev Harhar Mar 07, 2021 11:58PM ET
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Gershom Zvi well,Dominion machines which give no paper receipt voted for Biden.  Paterson NJ leader ofNAACP even confirmed that his vote and thousands of others in that one city, alone, were stolen out of mailboxes, after nobody asked for mail-in ballot forms, Dem judge convicted of stealing thousands of other votes in another NJ city.  China and Iran hackers, illegal aliens, dead people, non existent people whose "residences" were a "Mailboxes etc" or "UPS Store" or in an industrial district's factory, etc, voted, and THEY all voted for Biden.
Small Trader
Small Trader Mar 07, 2021 11:07PM ET
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The administration of President Joe Biden has formally delisted Yemen’s Houthi movement as a “foreign ******organization” and “Specially Designated Global Terrorists”, undoing the last-minute move under former President Donald Trump
Ernest Wong CA
Ernest Wong CA Mar 07, 2021 11:02PM ET
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Same attacks happened in Jan/Feb 2020 when I was on road trips. And everyone said Brent was gonna pass $100. Did the Saudis do the "show" again??? LMAO
Bruno Silva
Bruno Silva Mar 07, 2021 10:44PM ET
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$100 pretty soon.
Gershom Zvi
Gershom Zvi Mar 07, 2021 9:30PM ET
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Buy oil stocks like $cpe it is running to the sky to Andromeda galaxy
Sam Stone
Sam Stone Mar 07, 2021 9:23PM ET
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Biddn's energy policy will soon put 10's of thousands of usa energy workers back to work
Dan White
Dan White Mar 07, 2021 9:23PM ET
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Not sure that would help price of oil or oil stocks.
Sam Stone
Sam Stone Mar 07, 2021 9:23PM ET
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Dan White  buy slb, at $70 oil it is worth $45
William Smith
William Smith Mar 07, 2021 8:42PM ET
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Biden energy policy put the Arabs right back in control. $6 a gallon gas is Biden's goal.
Chris Hall
Chris Hall Mar 07, 2021 8:42PM ET
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Jonathan Snell
Jonathan Snell Mar 07, 2021 8:28PM ET
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Self sabotage
 
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