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Mon, 16 Sep 2019 14:41 - Updated Mon, 16 Sep 2019 14:41

Crude oil prices rise nearly 20%

LONDON - Oil prices increased nearly 20% on Monday, with Brent posting the biggest intraday gain since the 1991 Gulf War after an attack on Saudi oil facilities over the weekend that halved the production of the kingdom.

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Brent touched USD 71.95 earlier, up 19.5%, the highest intraday high since January 14, 1991.

Prices fell from highs after US President Donald Trump authorised the use of his country's emergency stocks to ensure supply stability.

Brent crude was up USD 5.24, or 8.7 percent, to USD 65.46 a barrel.

US oil advanced USD 4.5, or 8.2 percent, to USD 59.35.

US crude rose as much as 15.5% to USD 63.34, the highest intraday high since June 22, 1998.

Saudi Arabia is the world's largest exporter of the oil, and the attack on state-owned Saudi Aramco oil processing facilities in Abqair and Khurais reduced production by 5.7 million barrels per day.

The company did not give an immediate forecast of the resumption of total production.

Two sources with knowledge of Aramco's operations said a return to normal production "could take months."

"Withdrawing more than 5% of global supply at one time, a volume that is larger than the growth of supply accumulated in non-OPEC countries between 2014 and 2018, is highly worrying," UBS analysts wrote in a statement.  

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