Oil prices rose around 1% on Monday as traders expected top exporter Saudi Arabia to push producer club OPEC to cut supply towards year-end.
A source familiar with the CIA’s assessment said it was based largely on circumstantial evidence relating to the prince’s central role in running the Saudi government.
The U.S sanctions were the first concrete response by the Trump administration to Khashoggi’s death in the Saudi consulate in Istanbul in October.
Prices have also been supported by the Organization of the Petroleum Exporting Countries signaling possible output cuts in 2019.
U.S. crude futures CLc1 rose 85 cents, or 1.5 percent, to $56.54 a barrel, after declining on Tuesday for a 12 consecutive sessions to the lowest since November 2017.
Rupee appreciated 67 paise to 72 against the US dollar at the interbank foreign exchange after crude prices fell to a one-year low in the global market, easing concerns over expanding current account deficit and inflation.
British foreign minister Jeremy Hunt said prospects for talks to end Yemen’s nearly four-year-old war were “more real” after Saudi Arabia confirmed its willingness to evacuate 50 wounded Houthi fighters to Oman for medical treatment.
International Monetary Fund is not changing its forecasts for a recovery in Saudi Arabia’s economy in response to the furore over the death of dissident Jamal Khashoggi, a senior IMF official said.
The equity benchmark Sensex dived about 346 points owing to an intense fag-end selling mainly in auto and energy stocks as fresh worries about weakening rupee and rising crude oil prices resurfaced.
Canadian Prime Minister Justin Trudeau has become the first Western leader to acknowledge that his country's intelligence received an audio recording of the killing of Saudi journalist Jamal Khashoggi.