Oil prices were seen trading higher reaching a two-year high as political developments in Saudi Arabia saw a wave of arrests of high ranking officials. WTI Crude oil prices rose to settle at $57.35 a barrel while Brent oil futures rose to $64.27. The gains in oil prices came as the OPEC general body meeting is due to be held in a few weeks time.
On the economic front, the RBA’s monetary policy meeting earlier today saw no changes to interest rates. The RBA gave an optimistic view of the economy as it held interest rates unchanged at 1.5%. It forecasted that inflation would rise over time and expects GDP to improve as well.
Looking ahead, the economic data today includes speeches from ECB President Mario Draghi followed by Fed Chair Janet Yellen later in the afternoon. The BoC Governor Poloz is also expected to speak today. The German industrial production and the Eurozone retail sales figures will be released.
