Oil eases after six-week gain as tensions between Saudi Arabia and Iran flare
London — Oil eased on Tuesday, after having posted its largest gain in six weeks the previous day, while tension flared between Saudi Arabia and Iran, just as the Saudi crown prince tightened his grip on power. Brent crude futures were down 19c at $64.08 a barrel by 9.40am GMT, having closed 3.5% higher on Monday, marking the biggest percentage gain in about six weeks. US West Texas Intermediate (WTI) crude was down 7c at $57.28 a barrel. Saudi Crown Prince Mohammed bin Salman moved to shore up his power base with the arrest of royals, ministers and investors, which an official described as part of "phase one" of the crackdown. More tellingly, tensions escalated between oil cartel Opec members Saudi Arabia and Iran and it was this, more than the purge, that rattled the oil market, analysts said. "Saudi Arabia is really going all-in again against Iran and that is, for me, more the focus than the domestic issue," PetroMatrix strategist Olivier Jakob said. "On the one hand, it increase...
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