Oil falls more than 1% as market awaits response to Saudi oil attacks

TOKYO - Oil fell more than 1% on Tuesday as the market hung on tenterhooks following attacks on Saudi Arabian crude facilities that cut the kingdom’s production in half and sent prices soaring by the most in decades.The attack heightened uncertainty in a market that had become relatively subdued in recent months due to slowing growth as the U.S.-China trade war rages and now faces the loss of crude from Saudi Arabia, usually the supplier of last resort.

Brent crude was down 77 cents, or 1.1%, at $68.25 a barrel by 0051, while West Texas Intermediate was down 82 cents, or 1.3%, at $62.08 a barrel. “With the US ‘locked and loaded’ awaiting signs from Saudi Arabia that Iran was involved, tensions in the Middle East could get worse before they get better. Under these circumstances the price of oil could remain elevated for some time yet,” Cityindex analyst Fiona Cincotta said.

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