Oil surges 3%, at highest since 2015

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