The crude oil prices witnessed their sharpest rally in the past three decades before moderating, as a pre-dawn attack on Aramco’s oil installations by Houthi rebels of Yemen forced Kingdom of Saudi Arabia to curb 60% of its daily oil production.
The worst disruption in the global oil supply, led to a 19.2% spike in the prices of benchmark Brent Crude oil, as it opened at $71.92 a barrel. However, during the day’s trade, the prices moderated and were trading at $65.4 a barrel, up 8.6%. The moderation was the result of US releasing its oil reserves.
