A suspected drone strike on two major Saudi oil plants halts oil production
Crude oil prices soared as much as 11% overnight following an unprecedented attack on the Saudi state-owned company Amarco – which produces about 10% of the world’s oil. The attack caused a halt in the production of nearly half of that amount. Amarco has about 35 days of oil to meet the supply according to its contracts. President Trump responded by authorizing the release of special petroleum reserves to “keep the market well supplied”, he tweeted.
Today’s highlights: Crypto remains stable, Asia opens lower
- US indices trade lower: Following the attack on Saudi oil plants, most of the world’s indices have opened in the week in the red – including all three major US indices. The NSDQ100 is down 1.2%, the DJ30 is down 0.46%, and the SPX500 is down 0.76%. Hopeful traders look to the Fed meeting on Wednesday for positive news – to possibly pave the ways for new record highs.
- Gold spikes as well: The precious metal had jumped just over 20$ overnight and settled back above the $1,500 mark. Future volatility might continue to push it back towards previously-set highs.
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16/09/2019 appeared first on eToro.