Oil prices climb high and world stocks slip after attacks on crude facilities in Saudi Arabi

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Oil prices climbed to four-month highs today and world stocks slid after weekend attacks on crude facilities in Saudi Arabia shut about 5% of the world’s supply and fueled worries over the impact of an oil shock on economic growth. Brent crude futures rose nearly 20% at one point in their biggest intra-day gain since the Gulf War in 1991. The U.S. futures jumped almost 16%, both hitting their highest level since May. But prices came off their peaks after U.S. President Donald Trump authorized the use of the country’s emergency stockpile to ensure stable supply.

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