{"id":18910,"date":"2019-09-17T08:54:46","date_gmt":"2019-09-17T07:54:46","guid":{"rendered":"https:\/\/traders-paradise.com\/?p=18910"},"modified":"2020-07-07T13:53:05","modified_gmt":"2020-07-07T12:53:05","slug":"oil-stocks-rose-after-the-attack-on-saudi-arabias-oil-facilities","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2019\/09\/oil-stocks-rose-after-the-attack-on-saudi-arabias-oil-facilities\/","title":{"rendered":"Oil Stocks Rose After The Attack on Saudi Arabia\u2019s Oil Facilities"},"content":{"rendered":"

2 min read<\/em><\/p>\n

\"Oil<\/p>\n

Oil stocks rose and all energy stocks rose but Wall Street fell on Monday after weekend attacks on Saudi Arabia’s oil facilities. Investors’ are concerned about this geopolitical risk and its influence on the global economy.<\/span><\/p>\n

The attack carried oil prices up more than 20%. But easing came after many countries stated they would use crisis reserves to ensure stable supplies.<\/span><\/p>\n

The Dow Jones Industrial Average dropped 0.52% to end at 27,076.82 points. At the same time, the S&P 500 fell 0.31% to 2,997.96. The Nasdaq Composite fell 0.28% to 8,153.54. Eight of the 11 main S&P sectors moved lower.<\/span><\/p>\n

Also, oil futures rose10% Monday morning as a consequence of the attack. Saudi Arabia suspended 5.7 million barrels of daily production, which is more than 5% of the total production in the whole world.<\/span><\/p>\n

Brent crude, the international benchmark, rose 10% to $66.27 in first-day trading. For example, West Texas futures increased by 10.2% to $60.44.<\/span><\/p>\n

Oil companies and industrial stocks will benefit<\/a> from new higher prices. <\/span>Industrial companies that sell substances, pumps, and vehicles, processors, and sellers or auto parts companies.\u00a0<\/span><\/p>\n

As energy prices increase, investors may need to evaluate some of these energy stocks.<\/span><\/p>\n

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