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Oil surges 3%, at highest since 2015

Brent crude futures were trading $1.86 or 3 percent higher at $62.46 a barrel by 12:00 pm Eastern time

Julia Simon | Reuters  |  New York 

Oil prices rose 3 per cent on Monday, hitting the highest since early July 2015, as Saudi Arabia's crown prince cemented his power over the weekend with an anti-corruption crackdown, while the US rig count fell and markets continued to tighten. Brent crude futures were trading $1.86 or 3 percent higher at $62.46 a barrel by 12:00 pm Eastern time (1700 GMT). US West Texas Intermediate (WTI) crude rose $1.49 or 2.7 per cent to $57.13 a barrel. Both benchmarks are at their highest since early July 2015. "Whether it's the purging of the Saudi ranks and oil rig counts ...

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First Published: Tue, November 07 2017. 02:22 IST
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