Oil Prices skyrockets as 11 princes get arrested

Oil prices jumped to a 2-year high as princes and four ministers get arrested in Saudi Arabia.

Billionaire Prince Alwaleed bin Talal was arrested among a sweeping anti-corruption probe which puts more control in the hands of hands of its young Crown Prince, Mohammad bin Salman.

The arrests triggered oil prices to rise as U.S. crude went up to $55.91, and Brent futures were up 32 cents at $62.39 a barrel for the first time since July 2015.

Oil Prices will continue to rise at this stage as Mohammed bin Salman is strongly committed to anchoring the OPEC agreement deep into 2018.

Recommended For You

Benjamin Diaz

About the Author: Benjamin Diaz

Benjamin Diaz started working for Debate Report in 2017. Ben grew up in a small town in northern Ontario. He studied chemistry in college, graduated, and married his wife a year later. Benhas been a proud Torontonian for the past 10 years. He covers politics and the economy. Previously he wrote for CTV News and the Huffington Post Canada.

Leave a Reply

Your email address will not be published. Required fields are marked *