Oil prices rise after attack on Saudi Arabian refinery reignites supply concerns
“Oil prices rose on Wednesday after an attack on a refinery in Saudi Arabia, the world's biggest crude exporter, renewed concerns around the risks to supply in the Middle East stemming from the confl…”
Brent crude futures rose $1.48, or 1.3%, to $115.36 a barrel as of 0140 GMT. US West Texas Intermediate crude rose $1.22 or 1.22% to $101.12. Yemen's Iran-aligned Houthis said on Tuesday they had hit Saudi Arabia's biggest oil refinery with a missile, intensifying their strikes against the world's second-largest crude producer.
Saudi authorities did not immediately confirm the strike on the 550,000 barrel per day facility. Prices were swinging back after dropping nearly $2 on Tuesday as talks in the Middle East helped ease supply worries.
That was despite data expected to show a rise in crude inventories in the US. Crude oil stockpiles rose by about 15,000 barrels in the week ended October 23, analysts by Reuters. The OPEC+ oil-producing countries are expected to keep their December oil output targets steady on Sunday, three people with knowledge of the matter, in line with market expectations.
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Production in most of the seven core OPEC+ members — Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman — is below their output targets. Crude oil exports from Russia's Baltic and Black Sea ports could fall next month as domestic refiners increase diesel output following a deal with Washington this month, traders said.
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