COM - Oil retreats from $70/bbl to end lower as investors set aside supply concerns

Crude oil prices shrugged off the overnight attack on a key Saudi Arabian oil export facility to finish lower, retreating from a peak above $70/bbl attained for the first time since the start of the pandemic a year ago."The situation evaporated when it became obvious that there was no damage to the largest oil facility in the world," says Bob Yawger, director of energy futures at Mizuho, referring to the Ras Tanura facility in the Persian Gulf.May Brent crude (CO1:COM) climbed as high as $71.38/bbl, its highest since early January 2020, before settling -1.6% at $68.24, while April WTI (CL1:COM) also finished -1.6% at $65.05/bbl. after its session high $67.98 was the highest since October 2018.ETFs: [[USO]], [[XLE]], [[UCO]], [[XOP]], [[VDE]], [[GUSH]], [[OIH]], [[ERX]], [[BGR]], [[BNO]]"Prices fell despite the weekend attack on Saudi oil facilities, suggesting that investors aren't responding to supply disruptions," Colin Cieszynski, chief market strategist at SIA

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Oil retreats from $70/bbl to end lower as investors set aside supply concerns