Brent oil sees biggest intra-day jump in 28 years. Can the up move sustain?

While in the short-term, the direct physical impact on the market might be limited, analysts say the development has the potential to move the market away from its bearish macroeconomic cycle

Brent crude oil prices jumped 20 per cent in trade on Monday to around $71 a barrel – their biggest intra-day jump since 1991 – as attacks on a Saudi Aramco facility halted production of 5.7 million barrels of crude a day. This is more than half of Saudi Arabia's global daily exports and nearly 5 per cent of the world's daily crude oil production. 

According to estimates, this is the world’s biggest disruption in oil markets, surpassing the oil loss from Kuwait and Iraq back in 1990-91.