Oil trims gains after the biggest jump in decades

Should the US be concerned about lack of global oil supply?

Refinitiv Oil Market Analyst Carl Larry on whether the U.S. should be worried about the lack of global oil supply in wake of the Saudi Aramco oil field attacks.

Oil remains at elevated levels, but has pulled back some following Monday's surge following the attacks on Saudi oil facilities.

After a 20 percent intraday surge in prices, oil pulled back by 1 percent as traders waited to see if there would be a response.

The attacks over the weekend cut Saudi output in half.

Brent crude was down 73 cents, or 1.1 percent, at $68.29 a barrel and West Texas Intermediate was down 87 cents, or 1.4 percent, at $62.03 a barrel.

President Trump said that he did not want to go to war, but added that it looked like Iran was behind attacks.

The jump in crude prices hurt airline stocks and other businesses with big fuel bills and put upward pressure on inflation expectations.

At the same time, higher prices are a boost to oil exporters such as Malaysia and temporarily pushed up share prices for crude producers.

The Wall Street Journal reported Sunday that Saudi officials said a third of crude output will be restored by Monday. Bringing the entire plant back online may take weeks.

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Officials said they would use other facilities and existing stocks to supplant the plant's production.

The Associated Press contributed to this article.