Oil prices soar 10% after attack on Saudi facilities hits global supply

SEOUL/NEW YORK (Sept 16): Oil prices retreated on Monday after hitting their highest since May at the open, on fears over supply disruptions following an attack on Saudi Arabia’s oil facilities on Saturday that cut more than 5% of global oil supply.

International benchmark Brent crude futures rose US$7.06 a barrel or 11.7% from their New York close on Friday to stand at US$67.28 per barrel by 9:08am Singapore time, after soaring more than 19% to a session high of US$71.95 per barrel at the opening.