Oil advances following Saudi purge

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© Reuters.  Oil advances following Saudi purge© Reuters. Oil advances following Saudi purge

  • Brent crude futures jumped to their highest since July 2015, while WTI futures touched $56 a barrel following a new wave of arrests of royals and ministers in a Saudi corruption probe.
  • It was orchestrated by Crown Prince Mohammed bin Salman, who’s backed OPEC-led output cuts.
  • Game of thrones? The purge also led to the arrest of business billionaire Prince Alwaleed, whose investment firm Kingdom Holding has big stakes in Citigroup (NYSE:C) and Twitter (NYSE:TWTR).
  • ETFs: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, KSA, OLEM, OILK, WTIU, OILX, WTID, USOI
  • Now read: Which Way Wednesday – S&P 2,500 Or Bust!

Original article

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