2017.11.0702:57:00UTC+00Oil Prices Hold Steady Near Multi-Year Highs

Oil prices mostly retained gains it incurred after recording the biggest increase in six weeks a day prior, bolstered by Saudi Arabia crown prince's move to increase his grip on power and increasing tensions between the kingdom and Iran.

U.S. WTI crude futures fell almost 4 cents at $57.31 per barrel. The contract jumped 3 percent on Monday, the biggest percentage increase since late September. Meanwhile, Brent crude futures fell 5 cents at $64.22. The international benchmark ended 3.5 percent higher on Monday, also the contract's biggest gain in around six weeks.

Saudi Crown Prince Mohammed bin Salman moved to consolidate his power base with arrest of dozens of royals, ministers and investors. The arrests are part of “phase one” of the crackdown, the latest in a series of dramatic steps by the crowned prince to increase is power.

Meanwhile, tensions between Saudi Arabia and Iran also increased further. The Saudi Arabia-led military coalition battled the Houthi movement in Yemen said on Monday it was barricading all Yemeni air, sea and land crossings, a move that came after a missile was fired toward Riyadh.