Oil soars, stocks dip after Saudi supply shock [Reuters (UK)]
UNITED OVRSEAS BK S/ADR (UOVEY)
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Source: Reuters
Oil soars, stocks dip after Saudi supply shock - Reuters 5 Min Read MILAN (Reuters) - Oil prices hit four-month highs on Monday after attacks on crude facilities in Saudi Arabia fuelled worries over the impact of an oil shock on economic growth, halting a positive run in world stocks and bolstering demand for safe-haven assets. Brent crude futures rose nearly 20% at one point in their biggest intra-day gain since the Gulf War in 1991, and U.S. futures jumped almost 16%, both hitting their highest level since May. But prices came off their peaks after U.S. President Donald Trump authorised the use of the country’s emergency stockpile to ensure stable supply. By 1126 GMT, Brent futures were up 10% at $66.33 per barrel, while U.S. light crude was up 9.5% at $60.27. The upheaval in the oil market and poor economic data from China pushed gold prices, the Japanese yen and Swiss franc higher and sent core euro zone bond yields lower, even though the broader fallout on markets was not dramati
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