Trade Magnates - Oil prices rose on Monday to trade at its highest level since July 2015 near $55.75 a barrel. Oil prices were affected by Saudi Arabia’s Crown Prince, Mohammed bin Salman’s strengthen his power that led to several arrests of royals, ministers and investors.
The arrest news raised concerns that the middle eastern money might pull out of the global financial markets. Brent futures were up at $62.39 a barrel, the highest since July 2015. While U.S. crude at $55.91 a barrel.
The decline in US inventories and rig count, as well as signs that OPEC and Russia are likely to extend the output restraint for another nine months at their meeting end of November, are the main factors driving up the Oil prices.