Saudia Arabia's in the spotlight as revolution hits oil sector

FXStreet Team FXStreet

Source: The Arab Digest

For the first time in decades, the Eastern Saudi Arabian volatile situation has reached the vital oil sector. A pipeline between Awamiya and Safwa has been reportedly targeted, and is under fire; the Saudi government sources were quick to claim that the fire is not an explosion and is one kilometer away from the pipeline. Arab Digest correspondent in Qatif confirmed that the area under fire is indeed where major pipelines are located. Oil spiked above $110.00 on the news before retracing back to $109.00.

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