Mubasher: Oil prices rose on Monday with US crude (Nymex) exceeding $56 per barrel (pb) for the first time since July 2015 on the back of news that Saudi Arabia had launched a series of arrests against former and current officials and princes in an anti-corruption crackdown.

By 9:23 am GMT, US crude oil, for December delivery, grew 0.7% to reach 56.01 pb, while Brent crude saw a similar increase to $62.56 pb.

Late Saturday, Saudi Arabia’s King Salman bin Abdulaziz issued a royal decree to form an anti-corruption committee, chaired by crown prince Mohamed bin Salman to investigate corruption in the kingdom.

The committee issued arrests for a number of current and former ministers and princes including Prince Alwaleed bin Talal.

Last week data released by Baker Hughes Oilfield Services indicated that eight oil rigs had shut down in the US, bringing the total number of oil rigs to 729.