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Oil dropped toward $59 a barrel as investors assessed the near-term demand outlook amid a Covid-19 flare-up in some regions.
(Bloomberg) Oil dropped toward $59 a barrel as investors assessed the near-term demand outlook amid a Covid-19 flare-up in some regions, while a rising dollar reduced the appeal of commodities priced in the currency.
Futures in New York lost 0.5% on Monday after falling 3.5% last week. Federal Reserve Chair Jerome Powell told CBS’s “60 Minutes” that the U.S. economy was poised for stronger growth, but he cautioned that the virus still remains a threat. That’s been highlighted in other regions including parts of Europe, while a second wave in India is overwhelming the health system.
Yemen s Houthis said they attacked oil facilities in Saudi Arabia, as the group steps up strikes on the kingdom.
(Bloomberg) Yemen’s Houthis said they attacked oil facilities in Saudi Arabia, as the group steps up strikes on the kingdom.
The Houthis attacked Saudi Aramco sites in the eastern oil terminal of Jubail and the western city of Jeddah with explosive-laden drones on Sunday evening and Monday morning, the group’s Al-Masirah TV reported.
While attacks on Saudi cities and energy installations have increased this year, they rarely claim lives or cause extensive damage. Aramco didn’t immediately respond to a request for comment and the Saudi government has not commented.