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Brent Remains at Multi-Year Highs

Brent Remains at Multi-Year Highs Brent Remains at Multi-Year Highs

Oil eased on Tuesday, after having posted its largest gain in six weeks the previous day, while tension flared between Saudi Arabia and Iran, just as the Saudi crown prince tightened his grip on power. Brent crude futures were down 19 cents at $64.08 a barrel, having closed 3.5% higher on Monday, marking the biggest percentage gain in about six weeks. US West Texas Intermediate crude was down 7 cents at $57.28 a barrel, CNBC reported. Saudi Crown Prince Mohammed bin Salman moved to shore up his power base with the arrest of royals, ministers and investors, which an official described as part of “phase one” of the crackdown. The Organization of Petroleum Exporting Countries, led by Saudi Arabia, has agreed to restrain crude output by 1.8 million barrels per day together with other nations, including Russia, until March 2018. OPEC meets later this month and has been widely expected to extend the deal.

 

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