NEW YORK, May 14: Oil prices dropped on Monday as investors were jittery about escalating global trade friction and an attack on Saudi Arabia’s oil tankers, raising further concerns over sagging global demand.
Saudi Arabia confirmed on Monday that two of its oil tankers were part of the sabotage attack on Sunday in the waters near the United Arab Emirates, off the coast of the emirate of Fujairah.
The attack happened when the tankers were on their way to cross into the Gulf. The incident didn’t lead to any casualties or oil spill. However, it caused significant damage to the structures of the two vessels.
Saudi Minister of Energy, Industry and Mineral Resources Khalid Al-Falih denounced the attack, saying it aimed to undermine the freedom of maritime navigation and the security of oil supplies to consumers all over the world.
A flare-up in global trade tensions has rippled through US markets across the board, triggering worries over global economic growth prospect.
Wall Street was braced for the week’s first trading day with steep selloffs in all the three major indexes, among which the Dow once evaporated over 700 points during early afternoon sessions.
The West Texas Intermediate for June delivery was down 0.62 US dollar to settle at 61.04 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery fell 0.39 dollar to close at 70.23 dollars a barrel on the London ICE Futures Exchange. (AGENCIES)
Follow our WhatsApp channel
