Zero Hedge: Oil Explodes 20% Higher, Biggest Jump On Record
With traders in a state of near-frenzy, with a subset of fintwit scrambling (and failing) to calculate what the limit move in oil would be (hint: there is none for Brent), moments ago brent reopened for trading in the aftermath of Saturday’s attack on the “world’s most important oil processing plant”, and exploded some 20% higher, to a high of $71.95 from the Friday $60.22 close, its biggest jump since futures started trading in 1988.
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Update: Oil surges, stock futures slip after attack on Saudi facility (Reuters)
WNU Editor: There are some reports that it is going to take months to repair the Saudi facilities that were struck in this drone attack …. Satellite Images Reveal It Would Take “Months” To Fix Saudi Oil Facility (ZeroHedge).