Even though the future of fossil fuel is periled, for now, it continues to hold sway and economies depending on it have a reason to continue to smile.

After more than a year of market troubles, the prices have picked up, shooting up to its highest levels since 2 years.

On Monday, oil prices hit their highest levels as markets tightened.

Brent futures, the international benchmark for oil prices, hit $62.44 per barrel early on Monday, their highest level for years now.

This comes immediately after Saudi Arabia’s crown prince cemented his power over the weekend through an anti-corruption crackdown that included high profile arrests.

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The arrest included prominent business Billionaire, Alwaleed bin Talal, and the Head of the National Guard, Prince Miteb bin Abdullah.

"This consolidates the reforming process underway, part of which is a desire to drive the price of oil higher," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.

Bin Salman's reforms include a plan to list parts of giant state-owned oil company Saudi Aramco next year.

In oil fundamentals, traders said that there were ongoing signs of tightening market conditions.

U.S. energy companies cut 8 oil rigs last week, to 729, in the biggest reduction since May 2016.

While supplies are tightening, analysts say demand remains strong.

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