UPDATE 6-Oil settles lower, shrugs off Saudi attack after climbing above $70/bbl

* Brent and WTI pare gains after hitting pandemic highs
* Yemen's Houthis targeted Saudi oil sites

(New throughout, updates prices, market activity and comments
to settlement)
By Laura Sanicola
NEW YORK, March 8 (Reuters) - Oil prices settled lower on
Monday, retreating from a session peak above $70 a barrel after
attacks on oil facilities in Saudi Arabia lifted prices that
high for the first time since the COVID-19 pandemic began.
Yemen's Houthi forces fired drones and missiles at the heart
of the Saudi oil industry on Sunday, including a Saudi Aramco
facility at Ras Tanura vital to petroleum exports. Riyadh said
there were no casualties or loss of property. "The situation evaporated when it became obvious that there
was no damage to the largest oil facility in the world," said
Bob Yawger, director of energy futures at Mizuho.
Brent LCOc1 climbed as high as $71.38 a barrel in early
Asian trade, its highest since Jan. 8, 2020. It settled down
$1.12 or 1.6% at $68.24.
U.S. West Texas Intermediate (WTI) crude CLc1 settled
down $1.04 or 1.6% at $65.05. The session high was $67.98 a
barrel, its highest since October 2018.
Brent and WTI prices have climbed for four consecutive
sessions. The United States expressed alarm at "genuine security
threats" to Saudi Arabia and said it would look at improving
support for Saudi defences. "The activity is worthy of some increased geopolitical
premium," said Jim Ritterbusch, president of Ritterbusch and
Associates in Galena, Illinois.
The attack follows last week's move by the Organization of
the Petroleum Exporting Countries, Russia and their oil
producing allies, known as OPEC+, to agree on broadly sticking
with output cuts despite rising crude prices. "Last week's OPEC + agreement to restrain output at
virtually current levels was a major development that has yet to
be fully discounted," Ritterbusch said.
Also adding support, the U.S. Senate approved a $1.9
trillion stimulus bill, which is expected to boost fuel demand
as the economy gets a lift. Economic data from the United States
and China was also positive. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Brent crude tops $70, WTI hits 2-year highs after reports of
attacks on Saudi Arabian facilities https://tmsnrt.rs/3ceDD4Y
Brent crude oil prices top $70/barrel for the first time since
the COVID-19 pandemic began https://tmsnrt.rs/3rvCJYk
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