Oil prices head towards $70 in the wake of Saudi purge

Global oil prices broke above two year highs and could climb higher to hit $70 a barrel in the wake of a shock anti-corruption purge of Saudi royals and senior officials.

Oil prices bounded to highs not seen since July 2015 at over $64 a barrel on Monday following a sweep of arrests targeting ministers, investors and members of the Saudi royal family on corruption charges over the weekend.

The shock crackdown also helped drive shares in Royal Dutch Shell to within a breath of its highest ever share price at £24.89 following the company’s rosy financial results last week. Before the oil price crash in late 2014 the company’s shares traded at a peak of £25.76. FULL ARTICLE