Oil up 1% as Saudi refinery attack reignites supply concerns
USO•Oil prices rose around 1% after Yemen’s Houthis said they hit Saudi Arabia’s biggest refinery. Brent was up 1% at $115.02 a barrel and U.S. West Texas Intermediate gained 1.7% to $101.61.
1. Prices climb after attack
Oil prices rose around 1% on Wednesday after Yemen’s Houthis said they had hit Saudi Arabia’s biggest oil refinery, renewing concerns about supply risks. Saudi authorities did not immediately confirm the strike on the 550,000-barrel-per-day facility.
2. Inventories and OPEC+
U.S. crude stocks fell 2.03 million barrels in the week ended October 23, market sources said, citing American Petroleum Institute data. Analysts had expected a 15,000-barrel build. OPEC+ producers are expected to keep December output targets steady at a meeting on Sunday, people with knowledge of the matter said.
3. Other supply risks
The Houthis called for an immediate evacuation of Aden’s international airport on Wednesday. Crude 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.
