Archive: Quintin Soloviev, CC BY 4.0.
U.S. crude oil futures climbed back above $100 a barrel early Wednesday, a day after their first settlement below that level since the latest run-up began, as Saudi Arabia said its air defenses intercepted more ballistic missiles launched by Yemen’s Houthi rebels.
December West Texas Intermediate futures, traded under the code CLZ6, stood at $101.82 a barrel, up $1.92, or 1.9%, on CME Group’s market display last updated at 8:09 a.m. Eastern on October 28. CME says its displayed market data is delayed by at least 10 minutes. The figure is a timestamped futures quote, not a live spot price.
The contract settled Tuesday at $99.90 a barrel, down $1.86, or 1.8%, after trading between $99.44 and $102.82 during the session, according to CME’s settlement data. It was the contract’s first settle below $100 since the latest run-up began.
Saudi-led coalition air defenses intercepted and destroyed three ballistic missiles launched toward the kingdom’s Eastern Region on Tuesday, as well as two more fired toward Riyadh, coalition spokesman Maj. Gen. Turki al-Malki said, according to statements published by the Saudi Press Agency on the Eastern Region and Riyadh interceptions. The statements did not identify the missiles’ targets.
The Houthis said their forces struck Saudi Aramco’s Ras Tanura refinery, the country’s largest, with a ballistic missile and caused “massive fires,” according to a statement by military spokesman Brig. Gen. Yahya Saree carried by the rebel-run Saba news agency. The Saudi statements did not address that claim, and the condition of the refinery was not clear Wednesday morning.
The interception announcements were the third in as many days, after similar coalition statements on Monday and Sunday.
Traders were also watching the U.S. Energy Information Administration’s weekly petroleum inventory report, due at 10:30 a.m. Eastern, according to the agency’s release schedule, and the Federal Reserve’s interest-rate decision, scheduled for 2 p.m., according to the Fed’s meeting calendar.
JBizNews Desk | New York
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