Saudi Arabia arrests stoke oil price rally

The massive anti-corruption drive launched by Saudi Arabian Crown Prince Mohammed bin Salman has prompted a rise in oil prices The massive anti-corruption drive launched by Saudi Arabian Crown Prince Mohammed bin Salman has prompted a rise in oil prices.
By Peter Stewart 22 November 2017 0 28492
Crown Prince Mohammed bin Salman of Saudi Arabia Saudi Arabian Crown Prince Mohammed bin Salman. (PA)

The arrest of more than 200 prominent Saudi citizens for alleged corruption has stoked a nascent rally in oil prices, providing support for LNG prices, which are often linked to those of oil.

Some of those being held in the purge are from the wealthiest scions of the royal family. A power struggle at the highest levels of the Saudi government will exacerbate the geopolitical uncertainties that have re-emerged recently as a key support for oil prices.

The main crude oil benchmark North Sea Brent hit a...

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