Oil Surge Eases Following Attack on Key #Saudi Crude Terminal - Bloomberg

Oil Surge Eases Following Attack on Key Saudi Crude Terminal - Bloomberg

Brent oil erased gains as the market shrugged off an attack on the world’s largest crude terminal in Saudi Arabia.

Futures in London earlier surged above $71 a barrel, the highest since January 2020, before retreating to trade little changed. The assault on a storage tank farm at Ras Tanura on Sunday was intercepted, Saudi Arabia said, and oil output appeared to be unaffected.

PRICES Brent for May settlement traded down 0.3% at $69.18 a barrel as of 10:16 a.m. London time, after climbing as high as $71.38 earlier West Texas Intermediate for April delivery also slipped 0.3% to trade at $65.92 WTI earlier hit its highest intraday level since October 2018