Benchmark Oil Price Has Its Highest Increase Ever!

The crude oil benchmark recorded its largest ever rise in intraday business to more than $ 71 a barrel on Monday (September 16th) after a strike against a Saudi Arabian oil company struck around 5 percent of global shipments, an attack the US has blamed Iran for.

Brent crude futures rose nearly 20 percent early and US futures nearly 16 percent, their highest level since May. Since then, prices have retraced about half of this initial increase after US President Donald Trump approved the country’s emergency supplies to ensure a stable supply.

By 0640 GMT, Brent futures rose 10 percent to $ 66.31 a barrel, while US crude oil prices rose 9 percent to $ 59.82, the largest increase in more than three years.

Phycomex helps companies reduce their costs for oil data such as brent crude.