Crude oil soars to 7-yr high
Brent crude, WTI surge to $87.46/bbl and $85.56 respectively in wake of drone attack in Abu Dhabi
image for illustrative purpose
New Delhi: After the Drone attack on oil tankers in Abu Dhabi, global crude oil prices soared to seven-year high. Brent crude, international benchmark, was trading at $87.75 on Tuesday indicating its highest level since 2014.
Meanwhile, US West Texas Intermediate futures surged over two per cent to hit $85.56 per barrel. Both the Brent and WTI oil contracts reached to their highest level since October 2014. Global oil markets witnessed a subdued trading on Monday as US markets were closed for a public holiday.
With pumping over 4 million barrels per day, the UAE is the world's seventh-biggest oil producer.
Crude oil prices on Tuesday rose Rs 85 to Rs 6,318 per barrel as participants widened their positions on a firm spot demand. Crude oil prices started moving up following an attack on an oil facility in the capital of the United Arab Emirates (UAE) that killed at least three people.
Globally, West Texas Intermediate (WTI) crude oil was trading higher by 1.50 per cent at $85.08 per barrel, while Brent crude traded 1.09 per cent up at $87.46 per barrel in New York. On MCX, crude oil for the January delivery traded higher by Rs 85, or 1.36 per cent, to Rs 6,318 per barrel in 8,398 lots.
