Sino-Singapore Jingwei Client, March 9th. International oil prices fluctuated and fell on Monday and stood at $70 during the session. This is the first time that oil prices have risen to such a high level since the epidemic. However, the rise has declined gradually.
On the news, Saudi Arabia's oil facilities were attacked.
Wind data shows that as of the close, Burundi oil futures were quoted at US$68.12 per barrel, a decrease of 1.79%, ending the three consecutive positives.
It climbed to US$71.38 per barrel in early Asian trading, the highest since January 8, 2020.
U.S. oil futures fell 2.13% to $64.68 per barrel.
Source of oil distribution trend: Wind
According to a Reuters Chinese website on the 9th, on the 7th (Sunday) local time, the Yemeni Houthis dispatched drones and launched missiles to the city of Dhahran in eastern Saudi Arabia. The attacked area included Saudi Aramco located in Dhahran. A facility in the port of Ras Tanura.
The port is Saudi Arabia's crude oil export port. It can export approximately 6.5 million barrels of oil per day, accounting for nearly 7% of global oil demand. Therefore, it is one of the most protected facilities in the world.
The report quoted Bob Yawger, director of Mizuho Energy Futures, as saying, “When people realized that the world’s largest oil facility was clearly unharmed, the (oil price) rise subsided.”
Prior to Monday, Bursa Oil and U.S. Oil Futures prices had risen for three consecutive trading days.
Last week, the Organization of Petroleum Exporting Countries (OPEC) and its allies decided to basically maintain the scale of production cuts in April.
In addition, according to the Wall Street Journal Chinese website on the 8th, Saudi Aramco on Sunday raised most of the prices of oil exported to Asia and the United States in April, highlighting improved demand and tight market fundamentals.
These factors have boosted oil prices recently.
It is reported that in addition to the price of heavy crude oil, Saudi Aramco has raised the price of all oil sold to the Far East, raising the price of Arabian light crude oil by US$0.40 per barrel, to a premium of US$1.40/barrel over the average price of Oman/Dubai.
Saudi Aramco also raised the price of most oil sold to the United States, raising the price of light crude oil by US$0.10 per barrel to a premium of US$0.95 per barrel over the above-mentioned benchmark.
(Zhongxin Jingwei APP)