Oil up over 1% as Saudi refinery attack reignites supply risk concerns
USO•Oil prices rose over 1% after the Houthis said they hit Saudi Arabia’s biggest refinery with a missile. Brent gained 1.2% to $115.24 a barrel and U.S. WTI rose 1.6% to $101.52.
1. Prices rise after attack
Oil prices rose over 1% on Wednesday after the Houthis said they had hit Saudi Arabia’s biggest oil refinery with a missile. Saudi authorities did not immediately confirm the strike on the 550,000-barrel-per-day facility.
2. Supply and stock signals
Brent crude futures rose $1.36, or 1.2%, to $115.24 a barrel, while U.S. West Texas Intermediate gained $1.62, or 1.6%, to $101.52. U.S. crude stocks fell 2.03 million barrels in the week ended October 23, according to market sources citing American Petroleum Institute data, compared with expectations for a 15,000-barrel build.
3. OPEC+ output outlook
OPEC+ producers are expected to keep December output targets steady at Sunday's meeting, according to people with knowledge of the matter. 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.
