From OilPrice, October 23:
Crude oil prices were on course to book a sharp weekly gain, with Brent crude on track for gains of about $6 per barrel and WTI registering a much more modest tick higher, from around $99 per barrel on Monday to over $100 earlier today.
At the time of writing, Brent crude was trading at $114.00 per barrel, and West Texas Intermediate was changing hands for $100.40 per barrel, as hostilities in the Middle East remain front-page news for oil traders. The focus, however, seems to be on Houthi attacks on Saudi infrastructure, including Aramco facilities.
The latest news from that front was Aramco’s order for personnel evacuation from its headquarters in Dhahran, which is in the Persian Gulf, suggesting the Yemeni Houthis have some longer-distance capabilities than what they used previously, when they focused on attacks in the Red Sea and Saudi Arabia’s Red Sea ports.
Meanwhile, adding fuel to the oil price rally, Libya’s National Oil Corporation reported the shutdown of an oil pipeline that feeds oil from two fields to the Zawya export terminal. The shutdown prompted cuts in production at the two fields....
....MORE, including commentary from ING.
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