Oil prices up sharply after Saudi arrests
By Trend
Oil prices rose sharply on Nov.6 against the backdrop of arrests in Saudi Arabia.
The price for January futures of the North Sea Brent oil mix has increased by 0.66 percent to $62.48 per barrel as of 08:26 (EST).
This is while the price for December futures of WTI oil rose by 0.56 percent to $55.95 per barrel.
On Nov.4, a number of high-profile arrests were made in Saudi Arabia in the wake of the formation of a new anti-corruption committee headed by Crown Prince Mohammed bin Salman (known in diplomatic circles as MbS).
A formal list of those arrested has not been released, but is reported to include prominent investor Prince Alwaleed bin Talal and former Finance Minister Ibrahim al-Assaf.
At the same time, a minor government reshuffle took place. Notably, Prince Miteb bin Abdullah, son of the late King Abdullah and once considered to be a future king, was sacked as head of the National Guard. Economy Minister Adel Faqih was replaced by his deputy, Mohammed al-Tuwaijri.
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