News Details

( 07 Nov 2017)
Crude oil rises on political disruption in Saudi Arabia

Crude oil futures closed higher in the international market on Monday as the crude market was rattled by political disruptions over the weekend in Saudi Arabia that saw officials and members of the royal family detained.

Crude added to its recent rise amid news of a wave of arrests of Saudi Arabian princes, businessmen and government ministers in what has been billed as an anticorruption crackdown but is seen by some as a consolidation of power by Crown Prince Mohammad bin Salman. Saudi Arabia is among the world’s top producers of oil and OPEC’s most influential member.