© 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!