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Saudi Shakeup ‘Terribly Detrimental’ to Oil Prices, Warns Dennis Gartman

(Stephanie Landsman – CNBC)

The political shakeup in Saudi Arabia may change the direction of oil prices, but not in the way most investors think.

Dennis Gartman, who’s often referred to as the commodities king, sees a monumental shift happening in oil markets — one that could bring West Texas Intermediate crude oil back to historically low levels.

“You may get another dollar or 2 upfront in the front months just because of the confusion. But in the long run, this is terribly detrimental to crude oil prices,” the editor of the Gartman Letter said Tuesday on CNBC’s “Futures Now.”

On Saturday, Saudi Arabia launched a corruption crackdown allegedly implicating dozens of princes and ministers, including billionaire investor Prince Alwaleed bin Talal. Click here to read more.

Related: Attention – Saudi Prince in a Hurry (New York Times)