Oil prices traded in the green — adding around 1% as Saudi tensions continue

Oil prices traded in the green on Thursday, extending gains from earlier in the session as political tensions in Saudi Arabia continued to support the crude market.

Kingdom’s Crown Prince Mohammed bin Salman implemented his reforms towards greater transparency and accountability, securing his position of power in the country, detaining over 200 people in the latest anti-graft efforts earlier today.

It is widely expected the prince will continue to consolidate his place further in the upcoming weeks.

Meanwhile, OPEC is expected to discuss a further extension of the output cut deal on November 30 in Vienna.

OPEC members and 15 other major oil producers led by Russia agreed to cap the global output by as much a 1.8 million barrels per day in order to stabilize the market.

The deal was put in place in January 2017 and is set to expire in March 2018 after already being prolonged once.

West Texas Intermediate for December delivery gained 0.90%, changing hands for $57.35 per barrel at 8:07 pm CET.

Meanwhile,international benchmark Brent rose 0.91% to sell for $64.06 per barrel at 8:07 pm CET.