Overall, Saudi Arabia revealed the arrests of four ministers and 11 prices, including billionaire investor Prince Alwaleed bin Talal, who is well-known in the U.S. for his sizable stakes in companies including Apple Inc. (NASDAQ: AAPL) and Citigroup Inc. (NYSE: C).
Some oil market observers believe the arrests could usher in a new wave political volatility, a factor that often, albeit temporarily, lifts oil prices. The arrests come as Saudi Arabia is attempting to liberalize its markets to draw more foreign investment.
“Elsewhere, buy-to-open activity has been detected at the weekly 11/24 11.50-strike call. If this is the case, speculators are betting on USO making a decisive move north of $11.50 by expiration at the close on Friday, Nov. 24 — just ahead of the Organization of the Petroleum Exporting Countries (OPEC) Nov. 30 meeting,” according to Schaeffer’s.
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Tom Lydon’s clients own shares of Apple.