Oil's Mideast-Driven Rally Dented by Global Markets Selloff
- Saudi purge, simmering tensions with Iran imperil region
- Futures posted a fifth straight weekly advance in New York
Saudi Arabia Is Turmoil for Oil Market, Says Scaroni
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Crude succumbed to pessimism in financial markets around the world, denting oil’s longest stretch of weekly rallies in more than a year.
The arrests of Saudi Arabian royals and investors in an anti-corruption sweep compounded tensions between the world’s largest oil exporter and longtime rival Iran, sending prices to their highest in more than two years. But those gains were eroded Friday as the futures fell 0.8 percent in New York in the face of a global selloff of stocks and bonds.