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Oil Rallies 15%, With U.S. Prices Settling at Their Highest in 4 Months


Tuesday, 17 September 2019 02:01 WIB

Minyak WTIOil,Crude Oil


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Oil futures rallied Monday, as a weekend attack on Saudi oil facilities cut the kingdom's daily crude production down by more than half, sparking concerns of a potentially prolonged supply shortage.

The news sparked talk of $100 oil prices, but that scenario "would only occur if there is an all-out war between Saudi Arabia and Iran," said Jay Hatfield, portfolio manager of the Infracap MLP exchange-traded fund. "If production is restored and there is no escalation of tensions, we would expect WTI oil to trade in the $55-65 range up from the prior trading range of $50-60, which would reflect a $5 risk premium.

October West Texas Intermediate oil added $8.05, or 14.7%, to settle at $62.90 a barrel on the New York Mercantile Exchange. That was the highest finish for a front-month contract since May 21, according to FactSet data.

Source : Marketwatch


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