after attack on Saudi oil facilities 6park.com
Brent crude prices shot up late Sunday following Saturday's attack on Saudi Arabian oil facilities. November Brent crude BRNX19, +12.94% was last up more than $8 a barrel, or 14%, to $68.90, after initially spiking as much as 18%. The attacks shut down about half of Saudi oil production, and while the kingdom said that while it expects to have about one-third of that back online by Monday, experts said it could take weeks to get back to full capacity. Prominent crude-oil strategist Phil Flynn at Price Futures Group told MarketWatch earlier on Sunday that the drone strike was a "big deal" that could result in a major spike in crude-oil prices, because of the potential disruption to global supplies.