The European oil benchmark, Brent Crude meanwhile, was trading up more than $2 at $64.22 US a barrel. But while the moves have pushed up oil in the short term, bin Salman's plan to diversify the country's economy may not be good news for oil prices over the long term. There's more than just events in Saudi Arabia pushing up oil, however. Rob Mark, a portfolio manager with Raymond James, told CBC News in an interview that oil prices have been undervalued for a while. "Potential for instability in Saudi Arabia is bidding up the price."

Source: CBC News November 06, 2017 15:17 UTC