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by Stockwatch Business Reporter

West Texas Intermediate crude for December delivery added $1.71 to $57.35 on the New York Merc, while Brent for January added $2.20 to $64.27 (all figures in this para U.S.). Both benchmarks reached two-plus-year highs in the wake of the Saudi Arabian political purge orchestrated by Crown Prince Mohammad Bin Salman, who organized the arrest of several princes and ministers over the weekend. The power struggle means that oil prices are more likely to head to $70 than to fall back to $50, according to one energy analyst (namely Robert Friedlander, head of energy trading at Seaport Global Securities). Another analyst (RBC's Helima Croft) added that the muscles-flexing crown prince seems "strongly committed" to OPEC's production-cutting agreement. Meanwhile, Western Canadian Select traded at a discount of $14.25 to WTI ($43.10), down from a discount of $12.90. Natural gas for December soared 15 cents to $3.13. The TSX energy index added 4.92 points to close at 203.23, its first time above 200 in six months.

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