Oil prices have spiked after a weekend attack on key oil facilities in Saudi Arabia by Yemen's Houthis caused disruption to the global supply of crude for some time.
Prices initially surged as much as 18 per cent but retreated after US President Donald Trump said on Sunday night that he had authorised the use of oil from the country's emergency oil supply, reported CNN.
Trump said that oil from the Strategic Petroleum Reserve or SPR would be used "to keep the markets well-supplied." The US reserve is the largest backup pool of oil.
US oil futures were trading at more than USD 60 a barrel -- a spike of nearly 10 per cent -- in New York on Monday morning.
Futures of Brent crude, the global benchmark, traded at more than USD 66 per barrel, up 10 per cent. Gasoline futures were up more than 9 per cent.
On Saturday, a major Saudi Arabian oil processing facility and oilfield was drone-attacked causing a huge fire at the site.
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