Oil climbs above $64 a barrel after Saudi crackdown:
"Oil surged above $64 a barrel to the highest level in two years on Monday after Saudi Arabia’s crackdown on dozens of princes and business tycoons raised concerns about stability and policymaking in the world’s largest crude exporter. The sharp move in Brent crude, the international benchmark, came shortly after Saudi officials warned that they had found “widespread corruption” among the suspects detained in the weekend sweep and threatened to freeze assets of those being held. Brent hit a high of $64.23 a barrel on Monday before settling for the day at $64.27, a rise of $2.20. This takes its gains since June to more than 40 per cent, a move that is likely to be closely watched by central banks already monitoring rising inflation. US benchmark West Texas Intermediate hit $57.41 a barrel, its highest in two years, before settling the day at $57.35, up $1.71."
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