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Oil Prices Surge on Record after Attack on Saudi Oil Facilities

Oil prices hit their highest in four months after two attacks on Saudi Arabian facilities, ARAMCO, on Saturday knocked out more than 5% of global supply.

Brent crude futures jumped more than 19 percent to a session high of $71.95 a barrel at the market’s open. The Bloomberg news agency said it was the biggest rise in prices on record.

Prices eased back slightly after US President Donald Trump authorised the release of US reserves.

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 the Reuters news agency the return to full oil capacity could take “weeks, not days.”

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