Oil prices rise 2 percent on signs of further Saudi tightening 1:48pm EST [Reuters]
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Source: Reuters
Oil prices rise 2 percent on signs of further Saudi tightening | Reuters 3 Min Read NEW YORK (Reuters) - Oil prices climbed more than 2 percent on Friday after an outage at Saudi Arabia’s offshore oilfield boosted investor expectations for tightening supply. The international Brent crude benchmark rose $1.51, or 2.3 percent, to $66.08 a barrel, the highest since November 2018, by 12:34 p.m. EST (1734 GMT). U.S. West Texas Intermediate crude futures were up $1.18 at $55.59 a barrel, or 2.2 percent. The two benchmarks were on track for weekly gains of about 6 percent. The partial closure of Saudi Arabia’s Safaniya, the world’s largest offshore oilfield, occurred about two weeks ago, a source said on Friday. Safaniya has production capacity of more than 1 million bpd. It was not immediately clear when the field would return to full capacity. “It’s another factor that is raising concerns about the availability of crude,” said Phil Flynn, an analyst at Price Futures Group in Chicago. “All
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