(MENAFN- FxPro) Brent opened the week with a price spike of more than 20% on reports of an attack on a significant oilfield in Saudi Arabia. Oil has made the sharpest intraday spike since the 1991 Gulf War. The oil price jump is caused by the initial fears around further oil supplies because the attack led to a reduction in production by 5.7 million barrels per day. This is almost half of the total output of the country and about 5% of the global output, and it may take weeks to return to normal levels.
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