Oil rises after Saudi oilfield attack, but recession worries cap gains

Euronews | Aug 19, 2019 at 4:34 AM
  • Crude oil prices rose on Monday following a weekend attack on a Saudi oil facility by Yemeni separatists, although price gains were capped by an unusually downbeat OPEC report that stoked concerns about demand growth.
  • Still, concerns about an economic recession and the impact on oil demand growth weighed on prices.
  • Also weighing on prices, U.S. energy firms this week increased the number of oil rigs operating for the first time in seven weeks despite plans by most producers to cut spending on new drilling this year.