Oil Prices Modestly Higher Amid Saudi Shakeup

By Biman Mukherji Features Dow Jones Newswires

Oil futures were modestly higher in midday Asian trading, with prices in a generally tight range following the detention over the weekend of some Saudi officials and members of the royal family.

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--December light, sweet crude on the New York Mercantile Exchange was recently up 0.3% at $55.79 a barrel in the Globex training session. January Brent rose 0.3% to $62.25.

--Oil prices have risen of late to their best levels in more than 2 years amid anticipation of this year's production-cap deal being extended perhaps through 2018.

--While developments in Saudi Arabia are unlikely to imperil the ongoing output agreement led by the Organization of the Petroleum Exporting Countries, RBC's Helima Croft says the bigger question medium-term is the plans of king-in-waiting Mohammad bin Salman.

Write to Biman Mukherji at biman.mukherji@wsj.com

(END) Dow Jones Newswires

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November 05, 2017 23:34 ET (04:34 GMT)