COMMODITY
Crude oil futures settle higher after drone attack on Saudi production field
Aug-20-2019

Crude oil futures ended higher on Monday after Yemen’s Houthi rebels launched a drone attack over the weekend on one of Saudi Arabia’s largest oil fields. The Houthis said they targeted the Shaybah oil field, which is owned by Saudi Arabian Oil Company, or Aramco, and holds about 14 billion barrels of oil. Aramco said a fire was extinguished at a natural-gas processing plant and that there were no injuries and no disruptions to production at the field, which produces around 1 million barrels of oil a day. Besides, gains were extended, buoyed by encouraging comments from President Donald Trump and other officials on trade talks, along with a move by China over the weekend to lower borrowing costs for companies.

Benchmark crude oil futures for October rose $1.33 or 2.4 percent to settle at $56.14 a barrel on the New York Mercantile Exchange. October Brent rose $1.10 or 1.9 percent to settle at $59.74 a barrel on London's Intercontinental Exchange.

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