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Oil rises to highest since mid-2015 on Saudi purge, tighter markets

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  • Oil rises to highest since mid-2015 on Saudi purge, tighter markets

    Oil prices rose 3 percent on Monday, hitting the highest since early July 2015, as Saudi Arabia’s crown prince cemented his power over the weekend with an anti-corruption crackdown, while the U.S. rig count fell and markets continued to tighten.

    Brent crude futures LCOc1 were trading $1.86 or 3 percent higher at $62.46 a barrel by 12:00 p.m. Eastern time (1700 GMT).

    U.S. West Texas Intermediate (WTI) crude CLc1 rose $1.49 or 2.7 percent to $57.13 a barrel.

    Both benchmarks are at their highest since early July 2015.

    “Whether it’s the purging of the Saudi ranks and oil rig counts ticking down and talk of OPEC extending cuts we’re seeing the volatility stretch this trading range,” said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management.

    Look it this: https://alpari.com/ru/analytics/calendar_fxstreet/
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