Oil prices soar 10% after attack on Saudi facilities hits global supply [CNBC]
APA Corporation (APA)
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Source: CNBC
Oil prices soar 10% after attack on Saudi facilities hits global supply An oil well owned an operated by Apache Corporation in the Permian Basin is shown in Garden City, Texas, Feb. 5, 2015. Getty Images Oil prices retreated on Monday after hitting their highest since May at the open, on fears over supply disruptions following an attack on Saudi Arabia's oil facilities on Saturday that cut more than 5% of global oil supply. International benchmark Brent crude U.S. West Texas Intermediate Prices eased off their peaks after U.S. President said he approved the release of oil from the U.S. Strategic Petroleum Reserve (SPR) if needed in a quantity to be determined due to the attack on Saudi Arabia's facilities. State oil giant Saudi Aramco said the attack cut output by 5.7 million barrels per day, at a time when Aramco is trying to ready itself for what is expected to be the world's largest share sale. Aramco gave no timeline for output resumption. A source close to the matter told Reuter
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