|01-23-2015, 05:50 PM||#1|
Oil prices surge after Saudi King’s death
Oil prices rose above $47 a barrel on Friday following news of the death of Saudi Arabia`s King Abdullah bin Abdulaziz.
The late King Abdullah died early on Friday and his brother Salman became king in the world`s top oil exporter, and Salman named Muqrin as heir.
King Abdullah entered the National Guard Hospital in Riyadh on December 31, where they announced he had pneumonia which necessitated putting a tube to help him breath.
Many analysts do not expect Saudi oil policy to change, but prices are expected to witness a state of volatility in the short term.
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