Attacks on Saudi oil plants have boosted concerns about supply security in the Middle East and should raise the risk premium in the global crude market, shifting focus from a gloomy economic backdrop, S&P Global Platts said on Sunday.
Oil prices surged more than 15% to their highest level in nearly four months at the open on Sunday after an attack on Saudi Arabia's oil facilities on Saturday that knocked out more than 5% of global oil supply.
U.S. stock futures fell 0.59% percent when trading resumed on Sunday, a day after attacks on Saudi oil facilities that risk disrupting global energy supplies.
U.S. shale producers have added millions of barrels to global crude supply in recent years, but that does not mean they can quickly replace barrels lost from weekend attacks on Saudi Aramco facilities, energy experts said on Sunday.
Oil prices surged to six-month highs on Monday while Wall Street futures turned lower and safe haven bets returned after weekend attacks on Saudi Arabia's crude facilities knocked out more than 5% of global oil supply.
U.S. President Donald Trump said Sunday that General Motors Co and the United Auto Workers union should "get together and make a deal." Trump tweeted about five hours before the union is set launch its first nationwide strike at GM in 12 years.
The strike on the heartland of Saudi Arabia's oil industry, including damage to the world's biggest petroleum-processing facility, has driven oil prices to their highest level in nearly four months.
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.
Dream Global Real Estate Investment Trust said on Sunday it is to be bought by funds managed by Blackstone Group Inc in a C$6.2 billion ($4.69 billion) deal.
U.S. motorists most likely to feel the hit from rising gas prices following the attacks on Saudi Arabia's oil facilities are on the West Coast, which accounts for nearly half of all of U.S. crude imports from the kingdom.
Oil prices surged on Monday, with Brent crude posting its biggest intra-day percentage gain since the start of the Gulf War in 1991, after an attack on Saudi Arabian oil facilities on Saturday shut in the equivalent of 5% of global supply.
OxyContin maker Purdue Pharma LP filed for bankruptcy protection in New York Sunday night, succumbing to pressure from more than 2,000 lawsuits alleging the company helped fuel the deadly U.S. opioid epidemic.
SoFi is putting its name on the most expensive NFL stadium ever built.
(In September 12 story, corrects name of European Union Aviation Safety Agency from European Aviation and Space Agency in paragraph 10)
Overshadowed by a mushrooming U.S. federal corruption probe into top union officials that has created uncertainty for collective bargaining talks, the contract between the United Auto Workers (UAW) and General Motors Co will expire at midnight on Saturday.