Oil rises over 1% after Saudi Arabian refinery attack reignites supply risk
USO•Brent crude rose 1.4% to $115.47 a barrel and U.S. West Texas Intermediate gained 1.4% to $101.33 after Yemen’s Houthis said they struck Saudi Arabia’s largest oil refinery. The market also weighed a reported 2.03 million-barrel drop in U.S. crude stocks against analysts’ estimate of a 15,000-barrel increase.
1. Prices rise after attack
Oil prices climbed more than 1% after Yemen’s Iran-aligned Houthis said they had hit Saudi Arabia’s largest 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. Brent rose $1.59 to $115.47 a barrel, while U.S. West Texas Intermediate gained $1.43 to $101.33.
2. Inventories and output
Market sources citing American Petroleum Institute data said U.S. crude stocks fell by 2.03 million barrels in the week ended October 23, while analysts estimated inventories rose by about 15,000 barrels. The market awaited the official weekly inventory report. OPEC+ producers are expected to keep December output targets steady at an upcoming meeting, while production in most of the seven core members is below target.
