Oil price surges on Saudi political purge, rise in broader geopolitical tensions

Goldman Sachs also warned of greater price volatility ahead, citing rising tensions in the Middle East, especially between OPEC members Saudi Arabia and Iran, along with soaring U.S. oil production.

Saudi Arabia has arrested 11 princes and 38 sitting and former ministers and deputy ministers over corruption charges.

Oil prices surged to their highest level on Monday since the summer of 2015, as analysts said the geopolitical risk in the Middle East helped underpin the market.

Gold futures were lower on Tuesday; should the dollar rally further, gold will likely continue its medium-term weakness. The dollar index, which measures the greenback against six major peers, was up 0.21 percent at 94.958 in late trading.

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WTI crude oil, meanwhile, also moved higher, hitting $57.35 per barrel, before edging a little lower.

The deal limiting output is due to expire in March 2018, which means that the duration of the effect of the deal may be limited.

Another factor supporting prices was strong demand in southeast Asia, where the number of tankers holding oil in storage around Singapore and Malaysia has halved since June.

China's October oil imports fell to just 7.3 million bpd from a near record-high of about 9 million bpd in September, according to data from the General Administration of Customs.

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While both Saudi Arabia and Russia have signaled that they're open to extending the cuts through end-2018, and the market is largely expecting this, there are growing voices that the current higher oil prices will discourage OPEC and the Russia-led non-OPEC partners from committing at month's end to rolling over the cuts to December 2018. "Our base case is that we do not get a full-year extension on Nov. 30".

"It would be more difficult for the member countries to comply with the agreement because the cost of restricting production would higher".

"The most notable thing in the EIA report was that production increased".

If oil prices don't fall much from their current levels until the November 30 meeting, some OPEC producers, as well as Russia, could be reluctant to commit to specifics until they see how the market will look like in early 2018.

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The University of Michigan released a report on Friday showing a bigger than expected pullback in consumer sentiment in the month of November.

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