Oil prices have hit highest levels in years as an anti-corruption crackdown by the crown prince of Saudi Arabia that included high profile arrests and a tightening of the markets happened over the wekend.
The global benchmark for oil prices, Brent futures, early on Monday, hit $62.44 per barrel while U.S. West Texas Intermediate crude hit $56.00 per barrel. The figures have been the highest levels reached for some years now.
Prince Mohammed bin Salman’s anti corruption purge which saw investors, Government officials and royals arrested has sent out a statement of intent concerning his position as the designated future king of Arabia
Head of the National Guard, Prince Miteb bin Abdullah and Billionaire, Alwaleed bin Talal, were amongst those arrested.
Head market strategist at futures brokerage AxiTrader, Greg McKenna has stated that the development “consolidates the reforming process underway, part of which is a desire to drive the price of oil higher,”
Meanwhile, an increase in the price of oil is considered to be of benefit to the market capitalisation of the future listed company.