Oil falls more than 1% as market awaits response to Saudi oil attacks

India Today | Sep 17, 2019 at 4:03 AM
  • Oil fell more than 1 per cent on Tuesday as the market hung on tenterhooks following attacks on Saudi Arabian crude facilities that cut the kingdom’s production in half and sent prices soaring by the most in decades.
  • Saudi Arabia is the world’s biggest oil exporter and, with its comparatively large spare capacity, has been the supplier of last resort for decades.
  • Refiners in Asia, the world’s biggest consuming region, were scrambling for alternative supplies, while US crude producers ramped up efforts to export crude and Saudi Arabia tried to secure refined products.