Oil hits highest prices since mid-2015

Oil hits highest prices since mid-2015
Crude oil prices jumped to highest level in two and a half years

Mubasher: Oil prices expanded its gains on Monday, as Brent crude went over $63 per barrel for the very first time since June 2015.

Brent surged 3.36% to $64.23 per barrel, while Nymex surged 3.02% to $57.37 per barrel, its highest level in nearly two and a half years.

The surge in oil prices comes in time when Saudi Arabia is carrying an anti-corruption raid that saw the arrest and detention of a number of princes and previous public officials.

Last week, the number of US oil rigs decreased by 8 to a total of 729 oil rigs, according to Baker Hughes.

Oil prices are more likely to rise toward the level of $70 per barrel, head of energy trading at Seaport Global Securities Roberto Friedlander told CNBC in a recent interview.

The expected surge in oil prices will be on the back of the biggest political shakeup in Saudi Arabia in decades.

Crude prices will than fall back to $50 per barrel, the expert forecasts.

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Source: Mubasher

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