Oil slips after hitting above $70/bbl

NEW YORK: Oil prices slid on Monday after earlier climbing above $70 a barrel for the first time since the COVID-19 pandemic began after attacks on Saudi Arabian oil facilities. Yemen’s Houthi forces fired drones and missiles at the heart of the Saudi oil industry on Sunday, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports. Riyadh said there were no casualties or loss of property.

Brent climbed as high as $71.38 a barrel in early Asian trade, its highest since Jan. 8, 2020. By 12:20 a.m. EST (1720 GMT), the global benchmark was trading down $1.01 or 1.5% at $68.35. US West Texas Intermediate (WTI) crude was down 94 cents or 1.4% at $65.15 after touching $67.98 a barrel, its highest since October 2018.

Brent and WTI prices have climbed for four consecutive sessions.

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