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Brent Crude Futures Posted Their Biggest-Ever Jump When Trading Opened Today

Brent Crude Futures Posted Their Biggest-Ever Jump When Trading Opened Today

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Brent crude futures posted their biggest-ever jump when trading opened in the wake of the weekend’s attack on a Saudi Arabian oil facility that has removed 5% of global supplies. The estimated 5.7 million barrels a day of lost production is the single biggest disruption on record, surpassing the 1979 hit to Iranian output from the Islamic Revolution as well as the loss of Kuwait and Iraq supplies during the 1990 Gulf War. All eyes are now on how quickly the country can restore supplies, with people familiar saying significant volumes could come back on stream within days, while it could take weeks to restore full capacity. President Donald Trump authorized the release of oil from the U.S. emergency reserve, declaring on Twitter that there is “plenty of oil.”
Bloomberg

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