The weekly opening is being conditioned by this weekend’s attacks with drones against oil production facilities in Saudi Arabia and the disappointing economic data from China, two factors that triggered risk aversion.
Texas WTI oil prices rose 16% at the weekly opening, after it was known that attacks on Saudi facilities will reduce production by 50%, which is 5% of world production. It is the biggest interruption in the supply of crude oil in history, which also caused a historic rise in oil prices.
The president of the United States, Donald Trump, authorized the use of the country’s emergency reserves to guarantee the oil supply and also he said the country will respond to the attacks he attributes to Iran. For its part, Saudi Arabia has said that it is prepared to restore half of the production this Monday.