Oil prices soar to 4-month high after attack on Saudi facilities hits global supply | Business News, The Indian Express

Oil prices soar to 4-month high after attack on Saudi facilities hits global supply | Business News, The Indian Express

By Reuters |Seoul/new York |Updated: September 16, 2019 3:27:54 pm

Oil prices soar to 4-month high after attack on Saudi facilities hits global supply

State oil giant Saudi Aramco said the attack cut output by 5.7 million barrels per day, at a time when Aramco is trying to ready itself for what is expected to be the world's largest share sale.

Fires burn in the distance after a drone strike by Yemen’s Iran-aligned Houthi group on Saudi company Aramco’s oil processing facilities, in Buqayq, Saudi Arabia (Reuters)

Oil prices climbed to four-month highs on Monday and world stocks slid after weekend attacks on crude facilities in Saudi Arabia shut about 5% of the world’s supply and fuelled worries over the impact of an oil shock on economic growth.