Global Crude Prices Jump After Saudi Arabia's Crackdown on Corruption
Oil prices hit their highest mark in two years on Monday, November 6, as the fallout from a purge of dozens of Saudi Arabian officials and royal family members raised expectations of Saudi support for extending OPEC cuts while Nigerian supply was threatened by renewed tensions in the Niger Delta.
Global investors were left with more questions than answers Monday as news of an unprecedented series of events in Saudi Arabia over the weekend could either be a path towards its emergence as an open and international economy or a signal that its young, ambitious Crown Prince is tightening his grip on power in the oil rich Kingdom
However, if initial market reaction is correct, investors might be more concerned with the latter as global crude prices trade past two-year highs following Mohammed bin Salman's weekend purge of his political rivals and the arrest of what was essentially the country's best-known international investor - Prince Alwaleed bin Talal.
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