Oil Prices Declining After Jumping Above $70 a Barrel Following Attack on oil facilities in Saudi Arabia

Oil prices retreated on Monday after jumping earlier in the session above $70 a barrel for the first time since the start of the Coronavirus crisis, following attacks on Saudi oil facilities.

Brent crude futures, the world record, ended the trading session down $1.12, or the equivalent of 1.61%, to settle at $68.24 a barrel, after it had jumped in early Asian trade to $71.38, its highest level since January 8, 2020.

U.S. West Texas Intermediate crude futures fell $1.04, or 1.57%, to settle at $65.05 a barrel after touching $67.98 a barrel, their highest level since October 2018.

The two benchmarks recorded gains for four consecutive sessions.

On Saturday, the US Senate approved a $1.9 trillion Covid-19 rescue plan, which boosts economic prospects and pushes demand for oil that had been squandered by the pandemic.

Adding to the support for crude prices was the agreement of the Organization of the Petroleum Exporting Countries, Russia, and other allies of oil producers, within the framework of the OPEC+ group, last week to commit to a large extent to production cuts despite the increase in crude prices.