Economic news

Oil soars to two-and-a-half year high on Saudi arrests of royals

Oil surged to its top in over two years on Monday after arrests of 11 princes in Saudi Arabia, accused of money laundering, bribery and other violations.

Brent futures rose half a percent to $62.49 a barrel. U.S. WTI inched up half a percent to $55.91.

Investors worried that the crackdown could led to money outflow out of global financial markets.

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