Rand hurt by oil price spike

JOHANNESBURG - The rand extended its losses on Tuesday to a one-week low as heightened tensions in the Middle East after the weekend attack on Saudi Arabia’s crude oil facilities soured risk demand globally.

Brent crude traded at $65.37 per barrel at 1530 GMT, down about 6% from Monday’s high of $71.35. The jump in oil prices has lifted market volatility with run-on risk may offset any rate move by the Federal Reserve this week. South Africa’s statistics agency publishes August inflation figures on Wednesday, while the central bank decides on lending rates on Thursday.

Dragging the bourse downwards was petrochemicals group Sasol which lost 4.9% to R291.00 as oil prices retreated again on Tuesday.

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