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Energy

Brent crude nears $115 as Saudi refinery fears lift oil

Deccan Age · Business · 2 min read
An oil refinery with storage tanks at sunset
Photo: Wikimedia Commons contributors (CC BY / CC BY-SA) — full credits

Brent crude rises to about $115 a barrel on Saudi refinery attack fears, keeping inflation worries high for oil-importing India.

Brent crude climbed to about $115.47 a barrel on Wednesday, near a six-month high, after reports that Houthi rebels had targeted Saudi Arabia's largest oil refinery.

The rise in crude kept inflation worries elevated for energy-importing India, where the oil and gas index fell about 2 percent and the rupee stayed under pressure near ₹95.12 to the dollar.

Saudi Arabia's oil exports nevertheless held near wartime highs in October, with shipments of about 6.5 million barrels a day, as the kingdom routed more crude through the Strait of Hormuz under naval escort.

Originally reported by EL7. Article compiled by the Deccan Age desk.
#Business#Energy#Oil

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