Oil prices hit their highest levels early on Monday as markets tightened, while Saudi Arabia’s crown prince cemented his power over the weekend through an anti-corruption crackdown that included high profile arrests.

Brent futures, the international benchmark for oil prices, hit $62.44 per barrel early on Monday, their highest level for years now.

U.S. West Texas Intermediate crude hit $56.00 per barrel in early trading, also the highest for many months now.

Crown Prince Mohammed bin Salman, Saudi Arabia’s designated future king, has tightened his grip on power through an anti-corruption purge by arresting royals, ministers and investors.

The arrest includes prominent business Billionaire, Alwaleed bin Talal, and the Head of the National Guard, Prince Miteb bin Abdullah.

“This consolidates the reforming process underway, part of which is a desire to drive the price of oil higher,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

Bin Salman’s reforms include a plan to list parts of giant state-owned oil company Saudi Aramco next year.

Meanwhile, a higher oil price is seen as beneficial for the market capitalisation of the future listed company.

In oil fundamentals, traders said that there were ongoing signs of tightening market conditions.

U.S. energy companies cut eight oil rigs last week, to 729, in the biggest reduction since May 2016.

The decline in U.S. drilling activity comes as the Organisation of Petroleum Exporting Countries and non-OPEC group led by Russia have pledged to hold back about 1.8 million barrels per day.

The pact to withhold supplies runs to March 2018, but there is growing consensus to extend the deal.

While supplies are tightening, analysts say demand remains strong.

“Synchronous global economic growth and new supply disruptions are creating the most constructive oil price environment since 2014,” Barclays bank said.

Source:- http://www.exclusivepp.com.ng/oil-prices-hit-highest-levels-since-2015-amid-tightening-markets-saudi-purge/

The higher the price, the more the embezzlement..... If you think I'm lying ask Alison Madueke

This development may just help the APC looters get more funds for 2019 elections.

My people, BUHARI izz working! Remember he promised to STABILIZE the world’s oil price

He is getting there

So no low Oil Price excuse again for this Govt again.

I hope they talk to Niger Delta boys so we don't lose this opportunity to low Oil Production.

Slight drop for the price now dem go blame oga jona

Ok

Ok nah

if the capital exportation hit low at the parallel global market then the visible result should show at the local exporting countries like Nigeria

Joy

Fellow Nairalanders, please how do I create thread on nairaland because I want to post my pre-wedding pictures. Someone with good heart should help me please

Until we go back to Agriculture ...we will still be standing with one leg up

If it were to be a sane country, this will be good news for the masses but here is dance time for the lotters...

Saboteurs

And vegetable Buhari wants to start another wahala in d Niger delta in d name of operation octopus abi crocodile wetin,so d militants will resume bombing and Nigeria will not reap d benefits of d high oil prices.
Truly,education is very important.

... ... all the money would go into the pocket of another Dieazini Alison and his/her tribe members would support the stealing.

NubiLove:
... ... all the money would go into the pocket of another Dieazini Alison and his/her tribe members would support the stealing.

Its better a Diezani with oil wells scattered in her backyard steals d money,than to have Abba Kyari,Buhari and Babachir from d desert,who have only groundnut oil steal it.

I Hope our government can see how a crowned prince who is even not yet the king is prosecuting corrupt official in the Saudi purge, nobody is too big, even a princess of Saudi Arabia, royals and some top ruling government officials have been arrested.

the current north korean nuclear crisis had a great part in this. however, should nigeria lose another chance to save in this session of plenty, the next years of drought might not leave us as lucky as the last one.

The big players, they cough, and the world shudders.

I hope the proceeds will be put into judicious use for the country

paulchineduN:
Fellow Nairalanders, please how do I create thread on nairaland because I want to post my pre-wedding pictures. Someone with good heart should help me please

Go to the section you want to create the thread under. Click on Create New Topic at the top. Voila!

teemy:
the current north korean nuclear crisis had a great part in this. however, should nigeria lose another chance to save in this session of plenty, the next years of drought might not leave us as lucky as the last one.

only if we have a very intellectual and futuristic planning minister of economic and petroleum, then it would have been a good news for the masses and country's GDP and not the cabals

dokiOloye:
And vegetable Buhari wants to start another wahala in d Niger delta in d name of operation octopus abi crocodile wetin,so d militants will resume bombing and Nigeria will not reap d benefits of d high oil prices.
Truly,education is very important.

Dont mind the shallow man

AntiWailer:
So no low Oil Price excuse again for this Govt again.

I hope they talk to Niger Delta boys so we don't lose this opportunity to low Oil Production.

and $72 madam Okonjo don dey shout, things will get better

Even OPEC is conspiring to undermine the present government by eroding the last excuse in their political missile shield. What next... there was no monkey pox in PDP's time.... eh..

Bubu and All Poverty Congress aka Association of nProgreTHIEF Criminals, APC ya excuse haff finish.



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Yet Buhari & His Croonies Will embezzle everything. The oil prices will even spike further by the time the old, illiterate and useless sherif in town provokes the militants as he is already doing. By the time the barbarians from the Futa Djalon highlands of Guinea finish with the zoo, the 180 million inhabitants would have turned to canibals devouring one another!

joliyp:
if the capital exportation hit low at the parallel global market then the visible result should show at the local exporting countries like Nigeria

ehm tell us say u know book too much,we don hear,now plz explain in lay man English

kombats:
I Hope our government can see how a crowned prince who is even not yet the king is prosecuting corrupt official in the Saudi purge, nobody is too big, even a princess of Saudi Arabia, royals and some top ruling government officials have been arrested.

everybody knows that he is just doing it to cement his authority...all of the people that were arrested were potential rivals to the throne.