Oil slides, reversing early gains that pushed prices to highest level in more than a year
International benchmark Brent crude futures jumped above $70 for the first time in more than a year on Monday, before giving back those gains and settling the session in the red.
The surge in prices came after Saudi Arabia said its oil facilities were targeted by missiles and drones on Sunday. A Houthi military spokesman claimed responsibility for the attacks.
Brent traded as high at $71.38 per barrel, the highest level since Jan. 2020, while U.S. crude futures rose to $67.98 per barrel, a level not seen since Oct. 2018.
However, oil ultimately retreated from those levels and finished the session lower.
Brent shed $1.12, or 1.61%, to settle at $68.24 per barrel.
WTI settled $1.04, or 1.57%, lower at $65.05 per barrel.
Reference: CNBC
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