Oil prices rise after attack on Saudi Arabian refinery reignites supply concerns
USO•Oil prices rose after Yemen’s Houthis said they attacked Saudi Arabia’s biggest refinery. Brent gained $1.48, or 1.3%, to $115.36 a barrel, while U.S. West Texas Intermediate rose $1.22, or 1.22%, to $101.12.
1. Prices rise after attack
Oil prices rose on Wednesday after Yemen’s Iran-aligned Houthis said they had hit Saudi Arabia’s biggest oil refinery with a missile. Saudi authorities did not immediately confirm the strike on the facility, which has capacity of 550,000 barrels per day.
2. Market and supply outlook
Prices rebounded after falling nearly $2 on Tuesday as Middle East talks eased supply concerns. A poll of eight analysts expected U.S. crude inventories to have risen by about 15,000 barrels in the week ended October 23. OPEC+ members are expected to keep December output targets steady, while traders said Russian crude exports from Baltic and Black Sea ports could fall next month.
