The price of oil inched up to its highest level in more than two years amid Saudi Arabia’s corruption shake-up and tightening markets.
Brent crude futures, the international benchmark, began trading at US$62.41, up slightly by 0.5 per cent from the Friday close, while North America’s West Texas Intermediate (WTI) opened at $55.97.
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The weekend brought on major changes in Saudi Arabia, Opec’s largest producer, as the kingdom detained dozens of government officials and businessmen in a corruption probe, led by Crown Prince Mohammed bin Salman.
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Feelings are mixed if the kingdom’s upheaval will have a great impact on oil markets. However, markets are tightening with demand increasing.
The UK-based consultancy firm, Energy Aspects, said on Sunday that it didn’t see oil reacting to the news out of Saudi Arabia while a trader out of Libya predicted a 10 per cent jump for WTI by the end of the week.