Tokyo: Oil fell more than 1 per cent 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 US-China trade war rages and now faces the loss of crude from Saudi Arabia, usually the supplier of last resort.
A gauge of oil-market volatility on Monday rose to the highest level since December of last year, and trading activity showed investors expect higher prices in coming months.
