Here's what you need to know before the stock market opens: - Oil prices spiked after Saturday’s coordinated drone strikes on a key Saudi oil processing facility. - Union workers at GM walk out after contract talks fail. Read more:
after the attack on Saudi Arabia, but the Trump administration is waiting for Riyadh to determine who launched the strikes before taking action. "There is reason to believe that we know the culprit," Trump tweeted. Yemen's Houthi rebels claimed responsibility, but the U.S. has pointed the finger at Iran. Secretary of State
accused Tehran of launching an "unprecedented attack on the world's energy supply." Trump authorized the release of oil from the U.S. strategic petroleum reserve to keep the market well supplied.It may take Saudi Aramco, the kingdom's national oil company, months to resume normal crude production after the weekend attacks, according to a Reuters report. The strikes forced aor about 50%. That's equivalent to about 5% of the global oil supply.
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Saudi Officials Say Oil Production to Return to Normal Levels by MondaySaudi Arabia said it would return to normal levels of oil production by Monday, as officials sought to reassure world markets after a drone attack Saturday prompted the kingdom to cut its crude production in half.
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Saudi Arabia Aims to Restore a Third of Lost Oil Output MondaySaudi Arabia’s national oil company expects to restore roughly a third of crude output disrupted due to a weekend attack by day’s end on Monday, Saudi officials said, a step back from earlier hopes that it could quickly resume full production by the start of the week.
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