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OPEC+ Surprise Sends Oil Past Gulf Budget-Balancing Levels

Bloomberg business news
WATCH: Oil surged after Saudi Arabia said the facility came under attack.(Source: Bloomberg
Updated on

Oil soared past fiscal breakeven prices for the Middle East’s four biggest producers after OPEC+ kept output largely unchanged and an attack on a highly protected Saudi Arabian oil facility.

The late Sunday attack on an oil storage tank farm sent the global crude benchmark above $70 a barrel, days after the shock move by the OPEC+ cartel sparked a rally.